Author: Denise Wymore

Seamless, Secure Enhancement Improves ATM Experience, Eliminates Card Skimming Losses

To help credit unions meet digital consumer expectations and enhance security, CO-OP Financial Services is adding cardless ATM transactions to its roster of digital banking and payment solutions. The new Cardless Cash Access allows members to withdraw cash faster and more securely at the ATM by using their phones, rather than a plastic card, to initiate and complete a transaction.

CO-OP is the first credit union fintech provider to offer cardless cash access as part of ATM network and terminal driving services. Based on the latest ATMIA Global Fraud and Security Survey, published in January 2018, ATM Skimming and PIN compromise was one of the most common ATM fraud attacks in 2017. Cardless access solves this problem as the solution uses QR code technology – no card and PIN required. 

“As with most iterative technology, the ATM channel continues to evolve alongside user expectations,” said Todd Clark, President/CEO, for CO-OP. “One of the most significant ways the ATM improves is through integration with other technology, whether that’s back-office data and reporting tools or consumer-facing UX software. Seamlessly connecting the ATM to the smart devices consumers rarely leave home without is a continuation of this progress. It’s something we know credit union members, especially those who are highly mobile and technology savvy, are going to love.”

How Cardless Cash Access Works

Credit unions add the Cardless Cash Access feature to their own mobile banking app. The accountholder is then able to log-in to the app and stage the cash withdrawal. Once at the ATM, the accountholder selects the Cardless Cash Access option, leading the ATM to display a dynamic token or QR code. The accountholder then scans the QR code with the mobile app and when authentication is complete, the cash is dispensed.

Cardless Cash Access can be used on Diebold Nixdorf and NCR ATMs within the CO-OP ATM network, and managed by CO-OP Terminal Driving services. 

Cardless Cash Access Helps Fight Fraud

Clark emphasized that when it comes to payments innovation, especially in the self-service realm, security controls must be a priority. The growth of cardless transactions is expected to reduce fraud because it makes card skimming impossible. By removing the card from the transaction all together, the technology eliminates the risk of mag-stripe data compromises at the terminal.

Aside from the fraud prevention benefits, Clark said cardless ATM capabilities will allow credit unions to accelerate their digital transformation. “Through digital transformation, credit unions are aiming to deepen member engagement, boost transactions, solidify their differentiation and drive growth. Cardless Cash Access checks each of those boxes while also reducing fraud.”

About CO-OP Financial Services CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.

Ocala Community Credit Union, based in Ocala, Florida, has entered a new chapter in its banking history by deploying its new It’s Me 247 Mobile App from CU*Answers, fully integrated with eDOC Innovations’ remote deposit capture solution, eDOCMobile RDC. Serving its 2750 members, Ocala Community CU is leveraging the power of CUSO patronage and collaborative design.

Members now can access account information and their balances 24/7 from their smart devices and customize account notifications to their specific needs. “I love the fact that the app texts me when I want to be texted, not daily like other financial institutions I’ve used in the past,” stated Elizabeth Hackney, Operations Supervisor at Ocala Community CU. Steven Nazaruk, President/CEO at Ocala Community CU added, “Our members have been coming in telling us how much they love our new app.”

Through a collaborative network relationship, Ocala Community CU benefits from solutions provided by CU*Answers and eDOC’s deeply integrated workflows to manage RDC processing and settlement. Together, both CUSOs are providing the credit union with a nationwide reach to their members in a remote, digital environment anytime, anywhere.

About eDOC Innovations, Inc.

eDOC Innovations is the nationwide leader in mobile enterprise digital transaction management and e-commerce software for credit unions. For more than 25 years eDOC Innovations has been designing solutions to reduce overhead, increase operational efficiency and provide convenience to members. eDOC Innovations’ products include solutions for remote mobile and in-branch closings, mobile e-signature processing, digital asset lifecycle management, intelligent and interactive form automation, mobile remote deposit capture, electronic statements and more. To learn about our technology visit: https://edoclogic.com/products/doclogic/ or give us a call at 800.425.7766 option 3.

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that BeFit Financial Federal Credit Union in Vacaville, California has signed with CU*NorthWest moving from Fiserv CUSA. The $39 million-dollar credit union represents approximately 3,900 members. CU*NorthWest is extremely pleased to be adding an additional California client.

Bobbie Adams, CEO of BeFit Financial FCU said: “When considering a new data processor, I highly recommend looking at CU*NorthWest. We needed a system that has true integration and CU*NorthWest exceeded our expectations. We look forward to the transition to a cutting edge fresh system.” BeFit Financial will convert to the CU*BASE^® core processing platform in August 2019.

About CU*NorthWest, Inc.

CU*NorthWest was founded in 2005 as a part of the cuasterisk.com network of credit unions and CUSOs. It is a 100% credit union-owned cooperative CUSO located in Liberty Lake, Washington. CU*NorthWest offers a wide variety of services for credit unions including its flagship CU*BASE^® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web site development, network design and security, project implementation and execution services, and a complete eDocument solution. CU*NorthWest provides expertise in implementing technical solutions to operational needs, and helps credit unions form strategic alliances and partnerships. For more information, visit www.cunorthwest.com.