CU24 launches POCKET2POCKET for easy person-to-person mobile payments
TALLAHASSEE, FL (March 10, 2014) — CU24, a provider of services for credit unions nationwide, and Acculynk, a provider of secure online transaction technology, today unveiled POCKET2POCKET, a mobile enabled solution that allows credit union members to easily and securely conduct real-time financial transactions while on the go.
POCKET2POCKET offers a number of key advantages over slower, largely ACH-based person-to-person mobile-payment solutions, including speed, ease of use, and security.
POCKET2POCKET relies on EFT technology, so money takes minutes — not two or three days — to transfer to the intended recipient. Even better, there is no pre-registration required for users who want to send or receive money. All that is needed to send money via a Web browser or mobile device is the e-mail address and/or mobile phone number of the recipient. The recipient receives a text message or email alert that the funds are available.
Because POCKET2POCKET is fueled by Acculynk’s patented industry-leading security technology, credit union members won’t have to worry about security while performing transactions. They simply enter their debit account numbers into a graphical PaySecure PIN pad and then relax, knowing the transaction went through easily and securely.
As with other CU24 products, the service is offered so that it can be customized to meet a credit union’s specific objectives. A credit union can offer POCKET2POCKET under its own name – one that is trusted by their members, and simultaneously build brand recognition through this cutting-edge service.
By offering POCKET2POCKET to consumers, credit unions are tapping into a valuable marketplace. According to projections by comScore, U.S. consumers now own more than 125 million smartphones and 50 million tablets. Recent data from Filene Research Institute reveals mobile usage for financial transactions grew by more than 90 percent in 2012, and, according to Forrester Research’s “Mobile Commerce Forecast, 2012 to 2017″ mobile commerce is expected to quadruple by 2017.
” POCKET2POCKET gives credit union members a virtual ATM that allows them to send money to a friend or family member via their smartphone, whenever and wherever they want, and with no hassle and no delay,” says Mansel Guerry, President and CEO of CU24. “So if we go to lunch and you pick up the tab and I owe you $15, I don’t have to worry about tracking you down, or mailing it to you. This is a service that helps small to midsize credit unions stay toe-to- toe with the big banks and larger credit unions that have deeper pockets and greater resources.”
“We are thrilled to partner with CU24to deliver a ground-breaking P2P solution that is custom tailored for credit unions,” said Sandra Chesnutt, GM Payzur, Acculynk. “Credit unions are known for excellent member service and there is no question this real time solution that requires no enrollment – just the simplicity of using the same familiar PIN used at the ATM – reinforces that important element of their brand and deepens their relationship with the member.”
“POCKET2POCKET t is the cutting-edge mobile money transfer technology that allows members of participating credit unions to transfer funds in near real time,” adds Kim Cromer, Vice President of Product Management for CU24. “No more expensive charges to wire money to your family and friends, or waiting up to five days for the ACH credit to hit the recipient. It’s easier, faster, reliable, secure, and more affordable.”
CU24 is a credit-union owned cooperative that provides a range of EFT and payment-related services tailored for small and midsize credit unions. CU24operates the largest credit-union POS network in the United States, and provides access to the largest network of surcharge-free ATMs. CU24’s mission is to provide credit unions with the expertise and services they need to compete and improve their members’ lives. Through a range of tailored solutions, CU24 demonstrates that you don’t have to be big to be powerful. For more information, visit http://www.cu24.com
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk’s PaySecure® utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. Additionally, Acculynk solutions include PayLeap, a gateway and acquiring and card processing service, and Payzur, a debit-based P2P solution. Visit http://www.acculynk.com.