RANCHO CUCAMONGA, Calif. (11/26/14)--CO-OP Financial Services announced that it is a Visa "engaged issuer-processor," authorized to immediately service the enrollment of credit unions in Apple Pay, making it the only credit union service organization with this designation.
"CO-OP is ahead of many competing credit and debit processors that have not been granted this designation because they do not have the direct links to Visa as we do," said Stan Hollen, CO-OP Financial Services president/CEO. "We are working directly with Visa without having to pass through an intermediary."
CO-OP has been active with both Visa and MasterCard since the introduction of Apple Pay in September to enroll its clients in the program. The company already has credit unions in the implementation validation process at Visa and MasterCard, and CO-OP expects many of its credit unions to be in the final stages of testing in December.
"We believe Apple Pay presents a unique revenue opportunity for credit unions by providing their members with the latest in digital wallet technology," said Hollen. "We are also seeking to bring the lowest aggregated issuers fees to our credit unions."
CO-OP is also focusing on industry education concerning Apple Pay. CO-OP conducted webinars in September and November on Apple's new digital wallet--content from which is now available on the company's Tokenization Resource Center. The center also includes an "Ask the Expert" feature for tokenization-related issues.