RANCHO CUCAMONGA, Calif.—Co-op Solutions has formed a new debit POS network.
The new Co-op Pay Network—open to every credit union regardless of debit processing relationship—positions credit unions to receive the most favorable debit point-of-sale terms, Co-op stated.
According to the CUSO, the network is designed to help credit unions optimize their debit profitability by controlling fees and maximizing interchange revenue potential.
“Network relationships matter, and credit unions must be strategic as they determine their partners,” said Bruce Dragt, chief product officer for Co-op Solutions. “The creation of Co-op Pay Network was motivated by the urgent need for credit unions to better monetize one of their most popular payment offerings.
“Costs to offer a competitive debit program are on the rise as members demand sophisticated digital banking integration,” Dragt continued. “Meanwhile, merchants are tenaciously pursuing the lowest cost routing option, further limiting non-interest income. By participating in Co-op Pay Network, credit unions have the opportunity to widen debit margins, giving them a greater pool of funds for investing in smarter fraud prevention, better loyalty programs and continuous product innovation to improve member experiences.”
In addition to what Co-op said are “affordable fees” for Co-op Pay Network participants, Co-op added it offers a single point of contact across their payment services, a benefit that ultimately improves the member experience.
‘Foundational Part’
“We see Co-op Pay Network as a foundational part of the Co-op payments ecosystem, integrating with other payments and analytics products to create a powerful platform to gain operating efficiencies,” stated Dragt.
Co-op said Co-op Pay Network is an unaffiliated debit network. In addition to traditional in-person POS transactions, Co-op Pay Network supports PINless transactions, including mobile applications, tokenized transactions, mobile wallets and contactless transactions at millions of merchant point-of-sale locations worldwide, the company said.
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