Welcome to Shared Branching
Please welcome Delaware First FCU to the shared branching network!
Delaware First FCU joined the network as an issuer on August 2, 2010. Their members are able to complete transactions at your credit union locations. They also became an acquirer location on August 9, 2010 at the following locations:
- 1815 Newport Gap Pike, Wilmington, DE 19808
- 98 Sandhill Drive, Middletown, DE 19709
Troubleshooting Account Access Issues
There may be times when a member goes into a credit union shared branch outlet to access their account and the teller is unable to access the members account. The following could be taking place:
- The issuer credit union has a block on the member's account to limit their transactions only to their office
- The issuer credit union’s system could be down
- The account number could be incorrect
- Some other issue is causing this misfortune
When issues such as this arise, we recommend the teller attempt to access the account no more than three times. If issues still arise after three attempts, the member should be referred to contact their credit union regarding the issue.
We recommend you ask the member to contact their credit union to see why they can’t access their account at a shared branch location.
If the member indicates their credit union is not down, the member is using the correct account number and they don’t have a block to prevent them from using shared branching locations, the acquirer or issuer credit union may need to contact Network Services (866-812-2872, option 2) to obtain assistance to determine what is occurring. In some instances they may need to turn on traces to determine if there is something within the account that is causing the member from being serviced.
Please make sure your staff is aware of how to handle declined shared branching attempts and the procedures that are available to assist staff with members and who needs to be contacted in these situations.
Introducing V-Point High Availability
Last year, CO-OP Shared Branching partnered with Transaction Network Services (TNS) for their TNSLink solution to create a more robust communication infrastructure for all participant credit unions connected to the Next Generation Network (NGN). With the increased reliability, volume capacity, and 24/7 monitoring, the TNSLink solution has significantly improved credit union’s ability to service members throughout the Next Generation Network (NGN).
In an effort to support all of our credit unions' needs, CO-OP Shared Branching has developed a new offering, V•Point HA (High Availability). V•Point HA is a combination of V•Point Basic and V•Point Complete in a dual router configuration providing continuous processing in the event of a single hardware or ISP failure within a single data center.
If you have any questions about V•Point HA, please contact Network Services at 1-866-812-2872, option 2, or firstname.lastname@example.org.
Coming Soon: Shared Branching on ATMs
CO-OP Financial Services is nearing completion on phase two application software that will allow members of participating shared branching credit unions to skip the teller line and conduct nearly all financial transactions at existing NCR ATMs.
“The phase two software goes on existing ATMs, providing credit unions with shared branching capabilities at a much lower cost than buying a standalone unit,” said Stan Hollen, President/CEO of CO-OP Financial Services. “Our phase three solution will be fully integrated with a single point of settlement. By next year, our credit unions will have three options from which to choose what works best for them, expanding shared branching services to more credit unions and more members.”
CO-OP is testing the phase two software on an NCR ATM at CO-OP’s Shared Branching Service Center in St. Clair Shores, Michigan.
Operational today is CO-OP Fast Branch, a standalone kiosk currently installed in more than 100 locations, delivering everything that credit union members expect at a teller window. With phase two, available in the fourth quarter of 2010, CO-OP will be introducing software that provides similar services on existing NCR ATMs.
Phase three, with additional features and installable via software on ATMs of NCR and Diebold, is projected for availability in 2011. The shared branch transaction capabilities on the ATM will provide credit union members full account access as if they were at their own credit union office.
While CO-OP Fast Branch is a lobby unit, the phase two application can be a kiosk or a through-the-wall- or drive-through-ATM. The software enables credit union members to perform such transactions as check and cash deposits, account inquiries, withdrawals, transfers and payments at existing ATMs. Additional benefits of this next-generation shared branching software include:
- Supports the growing trend towards greater member self service, giving members increased control over their transactions.
- Deflects members from teller lines as they use these self-service ATMs, helping credit unions reduce teller costs.
- Enhances member access and convenience as they can perform transactions 24/7 at an ATM, where such transactions currently must be performed during business hours with a teller.
- Increases interchange income by generating more guest transactions (i.e., those where members of other credit unions use ATMs equipped with the shared branching software).
- An “Our Members” button provides even greater ease, speed and satisfaction for credit union members by expediting the I.D. and sign-on process.
The software is the first to provide shared branch functionality for the nation’s credit unions using existing terminals and infrastructure, and therefore; leverages the credit union’s investment in their ATMs.
Offer Members Full Service Kiosk Banking with Fast Branch
In today’s fast paced world, most people are over-committed, over-worked and pressed for time. An ancillary product of the NGN Universal Hub, CO-OP Fast Branch, is a full service kiosk banking that will make life easier for members who are on the go. At the airport, supermarket, office, or even in branch lobbies, members get everything they expect at the teller window – except the lines!
CO-OP Fast Branch features a user-friendly touch screen that is easy for members to navigate, as well as check imaging technology that allows for full service capabilities. Members can deposit and cash checks, make withdrawals, pay loans, get loan advances, transfer money, perform balance inquiries and much more. Not only does the CO-OP Fast Branch act as a convenience to members, it also reduces teller lines, allows for after hours transactions, and helps credit unions compete with other financial institutions. For more information on CO-OP Fast Branch, contact Sandy Shenk.
$10,000 CO-OP THINK Prize: Round One Deadline Approaching
With the CO-OP THINK PRIZE officially launched for entry, credit unions are beginning to put on their thinking caps to come up with their idea for the first round of competition. The deadline for Round One entries is October 15th, less than two months away. This preliminary round asks entrants to complete a simple questionnaire that serves as a program proposal, establishing the specific idea and its merits to the industry. In order to enter Round One, the following questions need to be answered in replies between 25 and 100 words per question:
1) Describe your idea.
2) How does your idea benefit credit unions?
3) How does it benefit credit union members?
4) How does it exemplify credit union values?
5) How will the idea propel the credit union movement forward?
6) How can it be shared with other credit unions?
Round One entries will be judged to be among the best will be invited to participate in a second round, which remaining entrants will be asked to develop a business plan for their ideas. The second round deadline is Dec. 31, 2010. In the third round, three finalists will present their ideas at the THINK ‘11 Conference in May 2011, in Anaheim, California. The winner will be determined by conference attendees, online viewers and a panel of experts from the Filene Research Institute and CO-OP Financial Services.
“The THINK Conference was created to excite, energize and inspire new ways of thinking, and the CO-OP THINK PRIZE aims to encourage innovative thinkers in the industry to share their ideas for changing the credit union movement for the better,” said Stan Hollen, President/CEO of CO-OP Financial Services. “Our judges will be looking for ideas that help credit unions be nimble, progressive, innovative and smart, while upholding their fiscally conservative values and personal member service experience.”
In addition to the $10,000 in seed money, the winning entrant will also receive pledges of financial support and business services from THINK 2011 sponsors and Filene Research Institute. Credit unions or individuals employed by them can participate, with the three finalists notified around January 31, 2011. An application and complete rules can be found online at www.co-opthink.org.
For additional information, contact Sandy Shenk, PaCUSC State Coordinator, 800-932-0661, Ext. 5267.