Co-op Financial Services has unveiled a latest version of its Sprig by CO-OP digital wallet platform with new service updates from its business partner FIS to enable out-of-network, pay-anyone payments.
Expected to be made available from the first quarter of 2014, the new version of Sprig by CO-OP will feature a redesigned web and mobile application user interface, while supporting remote deposit capture through Android mobile devices.
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The company said that the latest version of digital wallet will incorporate the PayNet payment network from FIS, to allow its users to make out-of-network pay-anyone payments – to accounts beyond CO-OP Connect.
Through Sprig by CO-OP, credit union members will be able to transfer money from their deposit accounts based on the real-time Good Funds availability model for most transactions, rather than the delayed automated clearing house (ACH) model.
CO-OP Financial Services president and CEO, Stan Hollen, said: "In partnership with FIS, we expect to add global mobile access, allowing global ATM access through a digital wallet application.
"We also intend to add point-of-sale capabilities. MCX, the merchant wallet group representing 60 percent of brick and mortar merchant sales, has chosen FIS for their payments delivery engine. We think this creates some interesting opportunities for CO-OP."
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