CU Mobile Apps and CU24 have signed a strategic alliance to bring POCKET2POCKET, CU24’s mobile person-to person (P2P) money transfer service to CU Mobile Apps’ client credit unions.
CU Mobile Apps managing partner Rick Hargis said: "and we’re proud to provide this technology to credit unions to keep them in the forefront of mobility — not behind the times."
"Real-time is the critical advantage they’re looking for, and that’s what CU24 enables us to offer our client credit unions and their members."
The originator of the transaction should be a member of a CU24 participating credit union.
The new POCKET2POCKET feature will be automatically added as a tab to the app that existing CU Mobile Apps credit union clients are already accessing.
CU Mobile Apps partner Tom Gray explained: "It works like PayPal within the credit union and financial industry. Just open your credit union app, click on ‘P2P’, identify the person you wish to pay, their cell number and the dollar amount — then hit ‘send’ and it’s done automatically, instantaneously."
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The receiving party will not be required to enroll to receive the funds; instead, the receiver will get an email or text message that they received the funds and then enter their debit card number or account number to receive funds.
POCKET2POCKET is an advanced real-time EFT solution, rather than the traditional automated clearing house-based method (ACH) that can delay funds transfer by anywhere from 24 to 72 hours.