As members continue to grapple with the complexities of social distancing and remote working throughout COVID-19, person-to-person (P2P) payments technology is becoming more valuable than ever. Members need a safe and secure way to receive or send money, whether it’s sending money to friends or family members or sending their share of the rent to a roommate. At the same time, P2P has become a powerful way for friends, family, and coworkers to maintain social connections while still practicing physical distancing.
In the universe of P2P, Zelle has become a preferred way for many consumers to easily send and receive money. 743 million transactions were sent through the Zelle Network® in 2019 alone. Today, one in two U.S. adults with a bank account have access to Zelle in their mobile banking app.1
To support members with their distance banking needs now and in the future, CO-OP is excited to offer credit unions in the CO-OP ecosystem a way to integrate Zelle into their mobile banking solution. Credit union clients need only have CO-OP account-based technology in place (widely supported by thousands of credit unions and all major processors) and the ability to offer Zelle within their mobile banking solution.
Supporting Members’ Distance Banking Needs
As physical distancing guidelines remain in place, offering Zelle at your credit union allows your members to send or receive money directly from one U.S. deposit account to another, typically within minutes.* And because access to Zelle is offered within your credit union’s online and/mobile experiences, members will appreciate the security and financial peace of mind.
As a beta tester of Zelle in the CO-OP experience, Los Angeles-based Water & Power Community Credit Union (WPCCU) believes Zelle will help them solve a common need amongst their member-base:
“P2P, in all of its iterations, has changed the way money moves,” said Stan Wootton, Digital Banking Manager for WPCCU. “Zelle, in particular, has brought speed to money movement with fast payment functionality once only offered by cumbersome wire transfers and unnecessary delays. This was the missing component of our comprehensive online and mobile banking platforms. Now members of any demographic have the ability to use the P2P technology of their choice. And the more sticky solutions you have, the better the relationship with your members.”
Southern California-based Wescom Credit Union soft-launched Zelle through their digital banking solution in late February and have seen strong initial adoption among members:
“Zelle is an important part of our long-term payments and digital strategy. Zelle is a fast, safe and easy way for our membership to send and receive money,” said America Arevalo – Director, Electronic Services for Wescom CU. “Partnering with CO-OP to integrate Zelle into our digital banking solution was a great experience.”
Staying Connected to Members While Driving PFR Status
Staying connected to members and improving their daily lifestyle is key to becoming their primary financial relationship.
“As we learn more about what members expect from their primary financial relationship, it’s becoming clear that lifestyle, not just life stage, is the lynchpin of member loyalty,” said CO-OP Chief Product Officer Bruce Dragt. “Zelle enables credit unions to support members in small ways consistently, both now as they adjust to the ‘new normal’ brought on by the COVID-19 outbreak, and going forward. The member-facing technology of Zelle furthers a credit union’s digital maturity while providing a payments experience that is fast, safe, and easy every day.”
Wootton emphasizes the benefits of deploying Zelle through CO-OP’s solution.
“The expert guidance of CO-OP created an incredible synergy between us, CO-OP and Alkami, our mobile banking provider. Milestones were scheduled and met, information and training were provided in a clear and understandable way, and attention to problems and details was immediate. It’s a great feeling to have that kind of confidence in a partner.”
Zelle can be enabled at your credit union through three integration options:
- Pre-integration via credit union’s digital solution provider (available for shared Alkami clients today)
- Credit union-initiated digital provider integration
- In-house integration for credit unions with a homegrown digital banking solution.
CO-OP has also partnered with Alkami to enable pre-integration within the Alkami digital banking solution to make it easier for clients shared by the two companies. We will also be working with other digital banking providers to enable this same level of pre-integration; in the meantime, credit unions can work with their digital banking providers to facilitate the integration of the Zelle solution.
Learn how to get started with Zelle in the CO-OP experience: http://visit.coop/0q94ps
1 Source: Zelle Press Release: Gift Giving Helps Zelle® Wrap Up 2019 with Double Digit Growth
*Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.