LAS VEGAS–CO-OP Financial Services expects to go live by December with several new emerging payments technologies.
The emerging payments category includes EMV, digital wallets and hybrid ATMs. CEO Stan Hollen said CO-OP is taking a “phased approach to EMV” to help its credit union clients move into the new technology.
“We will support online EMV transactions from a contact EMV card,” Hollen told his audience during the California and Nevada Credit Union Leagues’ recent annual meeting. “CO-OP will validate EMV text, and chip card data will be translated to and processed as magnetic stripe transactions. We expect to go live by the end of the year.”
Chip cards will cost $5 to $6 per card to issue, up from $2 for magnetic stripe cards, he explained. As such, Hollen said CO-OP is working on being able to reissue PINs without having to reissue cards to help mitigate the cost of offering the chip cards.
Other Emerging Payments Technologies
Other emerging payments technologies are also already being supported by CO-OP, he said. Digital wallets and person-to-person (P2P) payments are supported in CO-OP’s online bill pay product, and the firm’s next-generation ATMs already enable shared branching, Hollen added.
And along with these emerging technologies, CO-OP has adopted a new slogan, “Be There. Be More.”
“2012 has been a great year with solid growth in spite of ongoing challenges,” he said. “We have invested in The Members Group, in emerging payment technologies, and will have several product introductions by the end of the year. We are pointing toward paying a healthy patronage to our owners.”