News from the Wire

CO-OP Financial launches mobile RDC

Monday, November 29, 2010 — 12:47:27 (EST)

Rancho Cucamonga, Calif., Nov. 29, 2010 -- Further enhancing convenient access to accounts for credit union members, CO-OP Financial Services is introducing CO-OP My Deposit Mobile, allowing members to “snap and deposit” checks from anywhere using their mobile phones.

“CO-OP My Deposit Mobile helps credit unions attract new members from growing consumer segments that expect flexible, easy access points to their accounts,” said Stan Hollen, President/CEO, CO-OP Financial Services. “These members include the young, the tech-savvy and those who are cancelling their land lines in favor of mobile phones.”

Developed in partnership with mFoundry, CO-OP My Deposit Mobile enables credit unions to provide members with advanced, yet user-friendly mobile banking technology. By choosing the deposit function on their mobile banking screen, members can view the history of remote deposit capture (RDC) transactions, take a picture of the front and back of the check, enter the check amount and complete the deposit.

Credit unions already employing CO-OP’s Next Generation Network will benefit from cost-effective, speedy implementation of CO-OP My Deposit Mobile, with generally no changes required to the credit union’s host processing system.

CO-OP My Deposit Mobile is part of the CO-OP Check Imaging Suite. As a client of one or more of these services, credit unions can utilize a single Web-based system to clear checks from all RDC points, including the ATM, home (via flatbed scanner), small businesses (via high-speed scanner) and, now, mobile phones.

CO-OP My Deposit Mobile will be available in the first quarter of 2011. For more information, contact the Business Development department of CO-OP Financial Services at 800-782-9042, ext. 7140, or via e-mail at: BusinessDevelopment@co-opfs.org.

About CO-OP Financial Services

Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and 160 million-plus monthly transactions, CO-OP Financial Services is the nation’s largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at: twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at: co-opinsightvault.com.

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Source: Company press release.