In an effort to help maintain credit unions’ service continuity during the current business interruption due to the COVID-19 pandemic — as well as providing valuable member account access solutions beyond this crisis — the New York Credit Union Foundation, UsNet and Alloya are collaborating to assist smaller-sized member credit unions.
Credit unions $100 million in assets and below are now eligible for Foundation grants to offset the core processor integration costs associated with joining the CO-OP Shared Branch Network.
The Foundation, UsNet and Alloya have each pledged $15,000 for the grants, making available $45,000 in total funds for this grant initiative processed through the Foundation. Total funds per recipient will not exceed $5,000.
The New York Credit Union Association and UsNet’s management teams, along with their respective boards of directors and Foundation trustees, created the initiative.
Participation with UsNet provides credit unions with solutions in offering members immediate access to CO-OP’s 24/7 contact center and the mobile application known a Sprig®. The CO-OP contact center will service general member inquires, including account and balance inquiries, transfers (between share, checking, and loan accounts) and transaction look-up. Sprig® by CO-OP is a mobile banking application inclusive of credit union account aggregation, remote deposit capture and P2P within shared branch participants.
Cost for solutions are assessed on per transactional basis. Credit unions may elect to opt-out of these ancillary services.
The Small Credit Union Grant application can be accessed on the Foundation website.