Welcome Alcose CU!
In November, we will welcome Alcose CU, White Oak, PA, to the network as an issuer. Watch your e-mails for notification of the specific date.
For your convenience, attached is the updated PaCUSC Contact Listing.
PaCUSC and Ukrainian Selfreliance FCU Team Up for Shared Branching Video
- Shared Branching Video Available
The Missouri Credit Union Association recently created a Shared Branching Video to help credit unions promote shared branching to their members. Ukrainian Selfreliance FCU, Philadelphia, liked the video so much they asked if they could create a Ukrainian-language version. With a voice-over provided by Business Development and Marketing Manager, Anatoli Murha, PaCUSC worked with Missouri to dub the video with a Ukrainian-language track.
"Given our credit union provides services in multiple languages, we wanted to take the extra step to help educate members who consider the Ukrainian language as their strongest, as they acclimate to English in the United States,” according to Murha.
Your credit union can link to this video on YouTube to help educate your members as well about shared branching. If you are interested in making changes to the video, an agreement with the Missouri Credit Union Association would be required. Please contact Sandy if you have questions.
CO-OP Shared Branching Network Third Party Processor Compliance Update
To fully align CO-OP Shared Branching networks, the Extended ISO-8583 specification is now integrated into one uniform standard format to better enhance the experience provided to all guest members. The enhancements create a unique format for CO-OP Financial Service participants to ensure that cross-organizational products are available to all clients.
Credit Union Changes — Certification Time-Frame Reminder
In an effort to provide the most accurate and timely service to CO-OP Shared Branching credit union participants, it is very important for credit unions to notify Sandy Shenk of any upcoming changes that may affect their shared branching services. These changes include:
• ISP Changes – Requires a minimum of 5 days lead time, also it is important to setup dial backup when installing VPNs.
• Data Processor changes – Requires minimum of 4 weeks lead time.
• Host Move – Requires 3 – 4 weeks lead time so that we can get new VPN shipped if necessary.
• Deletions due to Mergers – Requires minimum 2 weeks lead time to delete.
Sprig by CO-OP — Payment-to-Anyone Coming Soon
Sprig brings together all of a member's accounts (savings, checking, loans, and credit from each credit union where they do business) plus remote deposit capture, and P2P payments into one convenient app. Sprig offers a free app available from iTunes and Google Play. For credit unions that already have the CO-OP Connect (or shared branching) platform there are no start-up costs or monthly fixed fees. The credit union will only incur a per-transaction interchange fee and issuer switch fee.
In the fourth quarter of 2014, a new and exciting enhancement will be added to the current service offerings through Sprig, Payment-to-Anyone. In addition to P2P payments through me–to–me and me–to–you transfers within Sprig that are available today, CO-OP is bringing the ability to pay anyone, regardless of their financial institution. CO-OP has partnered with FIS through their PayNet product to bring this additional benefit to Sprig. A member will be able to send a payment from within Sprig to any financial institution. If the financial institution either participates with Sprig or PayNet, the funds will post immediately. If they do not participate, the funds will post via ACH within a couple of business days.
Once this is available, a notification will be sent to all Sprig credit unions.
CO-OP Shared Branching Acquirers: The Importance of the ISO/BIN File
Shared branching acquirers are required to update their ISO/BIN file on a weekly basis. The ISO/BIN File contains the unique BIN, routing and transit number, name, address, phone numbers, and other pertinent information of all participating financial institutions in the shared branch network. The routing and transit number data in this file is also used for endorsement information on the back of checks deposited by credit union members.
It is important for CO-OP Shared Branching to be able to maintain an accurate, current ISO/BIN file so we can effectively serve our credit union members through the network. Having an outdated ISO File can cause a credit union to turn away members, which can be especially frustrating for newer credit unions that will then need to convince their members to give shared branching another try. Outlets failing to update their ISO files may be fined for each occurrence of members being turned away, so please be sure to keep your files up to date to avoid these fines.
In updating the shared branching acquirer ISO/BIN file, your credit union is assisting other shared branching participating credit unions and their members to receive the most accurate and up-to-date shared branching services; either when a member visits an outlet, or a credit union markets shared branching services. PaCUSC and CO-OP would like to thank you in advance for assisting with this very important routine update.
Branching Out is a monthly publication of Pennsylvania Credit Union Service Centers, Inc.
For questions about this newsletter or about shared branching, please contact Sandy Shenk, PaCUSC State Coordinator, 800-932-0661, Ext. 5267.