TALLAHASSEE, Fla., and FRANKLIN, Tenn. (7/25/14)--CU Mobile Apps and CU24 Thursday announced a strategic alliance to bring POCKET2POCKET, CU24's mobile person-to person (P2P) money transfer service, to CU Mobile Apps' client credit unions.
Rick Hargis, managing partner of CU Mobile Apps, cited research findings that growing numbers of potential credit union members are seeking mobile P2P solutions. "Real-time is the critical advantage they're looking for, and that's what CU24 enables us to offer our client credit unions and their members," Hargis said.
POCKET2POCKET is a real-time electronic funds solution, rather than a traditional automated clearing house-based method that can delay funds transfer by anywhere from 24 to 72 hours, said Joe Woods, CU24 vice president of sales and relationship management. "P2P offers a new level of efficiency," he added.
The new POCKET2POCKET feature will be added as a tab to the app that existing CU Mobile Apps credit union clients are already accessing, explained CU Mobile Apps partner Tom Gray.
"It works like PayPal within the credit union and financial industry," Gray explained. "Just open your credit union app, click on 'P2P,' identify the person you wish to pay, their cell number and the dollar amount--then hit 'send' and it's done automatically, instantaneously. Our partnership with CU24 has provided us with this quick, easy way for people to pay other people, whether on a one-time or recurring basis, directly from their debit card accounts."