Net Element, a global technology and publishing company that operates in mobile commerce and payment processing, and Mobile TeleSystems OJSC telecommunications provider partnered to provide payment processing services to MTS’ 100 million-plus subscribers. The agreement, effective as of August 1, 2012, calls for MTS to allow Net Element’s mobile payment platform, TOT Money, to facilitate the payment processing for MTS subscribers. In first month of processing for MTS, TOT Money processed about 80 million rubles (approximately $2.5 million) for MTS customers.
American Express Company announced Katrina Lane and David Yoo have joined the U.S. Consumer Services leadership team. Katrina Lane will lead the company’s Consumer Cards and Experiences team as Executive Vice President, managing the consumer cards products and services portfolio. As Senior Vice President, David Yoo will lead the Commerce Innovation team where he will pioneer new applications and experiences that help American Express Cardmembers shop smarter. Mr. Yoo joins American Express from Boku global mobile payments network as Senior Vice President of Strategy, Product and Marketing. Yoo was also a Principal Product Manager at PayPal, where he led the $30 billion marketplace payments group and successfully launched eBay express and digital goods payment.
James Hanisch has been appointed the chairman for the Electronic Funds Transfer Association trade group for debit, credit, ATMs, online and electronic payments and processing organizations. Currently an executive VP with CO-OP Financial Services electronic payment and ATM network serving credit unions, Hanisch will serve in the EFTA role for a 2 year term. Bringing with him extensive experience in credit, debit, online banking and payments processing, James’ background allows for soundly navigating the legislative and regulatory challenges currently in the electronic payments industry. The EFTA shapes the legislative and regulatory issues surrounding electronic payments and has always been most relevant during times of legislative and regulatory change.
Signal Financial FCU of Kensington, Md has increased the signature debit usage of its cardholding
members by 80% through CO-OP Revelation and a new fully-managed marketing services package from
CO-OP Financial Services. This includes the “CO-OP Revelation” Web-based tool that gives credit unions
the ability to analyze cardholder transaction data for usage patterns and the “CO-OP Preferred” for which
CO-OP Financial Services handles the creation of the campaign, identifies the target group, produces all
campaign elements then prints and mails materials.
CO-OP Member Center of CO-OP Financial Services is offering credit union members its âopt-inâ solution for overdraft protection. The CO-OP Member Center will report customer requests and relevant accounts to be covered to the credit union, which then generates a written communication to the customer confirming that they have opted-in for overdraft protection. This CO-OP Member Center service is performed without any set-up fees and is available immediately to existing clients. Additional benefits of CO-OP Member Center include increasing profits by growing lending operations.
CO-OP Financial Services is nearing completion on phase two application
software to allow members of shared branching credit unions to conduct
nearly all financial transactions at existing NCR ATMs. Currently
operational is “CO-OP Fast Branch” standalone kiosk currently installed
in more than 100 locations while phase two is slated for availability
4Q10. Phase three, meanwhile, will offer additional features and
installable via software on ATMs of NCR and Diebold sometime in 2011.
The shared branch transaction capabilities on the ATM will provide
credit union members full account access as if they were at their own
credit union office.
CO-OP Financial has partnered with NCR for a comprehensive suite of managed ATM services.
“The CO-OP ATM Managed Services” approach to
ATM deployment and management will be attractive to credit unions
seeking to outsource these functions, as capital expenses grow with the
size of the ATM fleet. Participating credit unions clients will benefit
from a simplified, fully-bundled billing process that includes the
option of leasing ATM hardware if desired; ongoing upgrades to maintain compliance and state-of-the-art
functionality; positive impact on resource allocation for ATM monitoring and
management; a robust suite of ATM processing options to enrich the member
experience and a single contact point for all issues related to managing an ATM
fleet, instead of managing multiple vendors. The “CO-OP ATM Managed Services” suite includes flexible ATM terminal
driving, implementation support, cash management, terminal monitoring,
IP data communication as well as the options to add features like check
imaging, content distribution and other state-of-the-art ATM
functionality. NCR will continue to handle ATM sales, deployment and
servicing as part of the integrated package. Credit union clients will
receive one consolidated CO-OP invoice for all suite services.
CO-OP Financial Services and Cardtronics have renewed their agreement to provide ATMs within 7-Eleven stores.
ATMs in 7-Eleven stores across the country will continue to be part of the
CO-OP Network for at least five more years, based on the contract
renewal announced by CO-OP Financial Services and Cardtronics, Inc.,
the operator of the retail ATMs. Approximately 5,500 ATMs in 7-Eleven stores are
covered under the contract renewal, about 2,200 of which are deposit
taking. In addition, about 340 ATMs in Costco membership warehouses and
about 670 ATMs in Walgreens drug stores also are covered under the
agreement with Cardtronics. More than 3.2 million surcharge-free CO-OP Network transactions per
month take place at 7-Eleven stores. CO-OP Network comprises 28,000 ATMs throughout the United States,
offering credit union members surcharge-free access to their checking
and savings accounts.
CO-OP Financial Services has received 101 new credit union contracts for its
payments products and services during the third quarter of 2009.
The contracts were received from credit unions in 27 different states
and the District of Columbia. Leading all product sales in the third
quarter were 68 agreements for access to CO-OP Network, CO-OPâs
nationwide network of 28,000 surcharge-free ATMs for members of
participating credit unions. Among the credit unions signing up for
CO-OP Network include Wright-Patt Credit Union, Inc. of Fairborn, Ohio,
the largest credit union in Ohio and the 74th largest in the United States.
Online Resources Corporation and CO-OP Financial Services have inked a reseller agreement for Internet banking, bill payment and other online services. Online Resourcesâ “Unite Financial Services Suite” will be available over CO-OPâs “Next Generation Network” technology platform.
With nearly 3,000 credit union members, 28,000 surcharge-free ATMs (including 9,000 deposit-taking), 3,700 shared branch locations (the largest number of branches of any network), 155 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the top credit union EFT network and processor in the U.S. financial services industry.
CA-based CO-OP Financial Services has rolled out a support program for a series
of ATM upgrades to enhance member profitability. The first option, “Diebold Superload” ATM branding option gives credit unions the
ability to place custom marketing messages and graphics on Diebold Opteva ATMs. The new
graphical screens replace the old âgreen screenâ look typical of most ATM
transaction screens to offer a credit unionâs ATM channel to be a
consistent branded experience. The “NCR Aptra Edge 3.0 Phase II” will offer members
software for NCR PersonaS and SelfServ ATMs that includes mini-statement
continuation; multi-dispense; bulk check deposits; multi-check deposits and check and cash payments. CO-OP will also offer
Additionally, CO-OP Network now supports the Triton Systems RL1600 ATM;
WRG Services Apollo Series ATMs and Genesis Series ATMs; Wincor-Nixdorf Procash ATM
CCDM (Check and Cash Deposit Module), and Wincor-Nixdorf Procash FLEX 2.0 software.
A credit union fund raiser combined with the Miracle Match program
from CA-based CO-OP Financial Services has raised nearly $1 million for Childrenâs Miracle Network.
Through June 30, credit unions have raised $517,000 and CO-OP Miracle Match
donations have added $445,000 for a total of $962,000 to CMN. CO-OP is
committed to donating up to $1 million of matching funds in 2009, and the company
expects this pool to be fully utilized based on fund raisers planned for the remainder
of the year. Among the key developments in this yearâs effort, the Miracle Match
program has inspired credit unions to conduct 10 new fund raising events for CMN.
These events are significant because they are either the first CMN fund raiser the
credit union has ever conducted, or are in addition other annual events. Credit
unions raised $64,000 through these events, and Miracle Match donations from CO-OP totaled