Banking Services

Co-op Money NZ is the central provider of core banking and payments processing services for our member organisations, and collectively we are the 6th largest financial transactor by volume in New Zealand.

By collaborating together, our Members gain the benefit of scale to allow them access to the latest technology, expertise and support services at affordable prices to maximise the returns for their customers.

Core Banking Platform

Co-op Money NZ provides a 24/7 real-time bureau and core banking software with a full suite of savings and loans products. This core banking platform, called ‘FACTS’, is backed by a highly skilled team of developers and supported by a dedicated local service desk team. It gives even our smallest Members robust transactional banking and payment capabilities, allowing them to provide full-service relationships with their customers.

Keeping in mind the modern nature of its Members and their members, Co-op Money NZ recently chose Oracle Flexcube as its core banking system. Oracle’s Flexcube will replace the current proprietary FACTS platform and will deliver product flexibility, extensibility and interoperability to its Members, and will provide them with improved accessibility and user friendliness across the branches.  You can read more about the move here.

Payment Services

Co-op Money NZ provides a full range of payment processing solutions for our Members, and these are tailor made to their requirements. The key payments processing solutions we offer include:

  • Electronic Funds Transfer (EFT) – EFT facilitates the processing and settlement of pre-authorised debits and direct deposit transactions
  • Electronic-based Remittance Processing and Bill Payment
  • Transactional Banking Facilities – Allows customers access to their funds via direct debits, direct credits, automatic payments, telephone accounts, internet banking and ATM access.

Central Banking Services:

Co-op Money NZ acts as a liquidity facility for our Members, managing a liquidity pool and providing a variety of deposit and funding services to Members to meet a range of financial requirements. These include transactional banking, funding, credit and guarantee facilities, as well as securitisation and risk management tools.

Our Central Banking Service enables our Members to access experienced and highly skilled investment expertise that may not otherwise be accessible to smaller financial service organisations.

Some of the other key banking products and services Co-op Money NZ offers our Members include:

  • Phone Banking
  • Internet Banking
  • Text Banking
  • Mobile Banking App

 

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