In CO-OP’s live webinar on CardNav by CO-OP card controls and alerts on October 22, Senior Product Manager Pat Yarmulnik and Senior Manager, Market Analysis Ryan Zilker fielded questions from the audience.
What did credit unions want to know about CO-OP’s new remote control product for cards? Here are some answers.
1. Will CardNav settings overrule funds availability and transaction limits settings that have been made in our core system?
Nothing in CardNav overrides what’s set in the core. CardNav can make a recommendation, but if a user sets a transaction limit of $600 when the host says the limit is $300, the host settings totally override any recommendation by CardNav.
2. How does CardNav affect Falcon Fraud monitoring?
There really is no change to Falcon. The way the process works is that if Falcon would shut a transaction down for any reason, CardNav controls have no impact. Falcon shuts the transaction down and an alert is sent to the cardholder. It’s only when a transaction passes all those initial checks that CardNav control settings come into play.
3. Is CardNav limited to cards on our own BINs?
The BIN must be owned by the credit union and processed by CO-OP. You could not, for instance, load your American Express card into CardNav.
4. Is CardNav only available as a separate app, or can it be integrated into my credit union’s existing app?
Today, what we are rolling out is a separate app. In the future we will be able to make available a version of CardNav that credit unions can brand as their own app – or as a standalone API that they can make part of their own mobile banking app.
When we consider all of these options, we feel that the dedicated CardNav app offers the best experience for your members right now.
5. Is the CardNav app customizable so that my credit union’s name and logo appear in the App Store?
When members go to search for the CardNav app in the App Store, it is not branded to your credit union. They simply go and search for CardNav. Once the app is downloaded, from that point on the member sees the colors and logo from their credit union.
If you would like to have an app with your own branding at the App Store level, you would need a customizable app. That will be available, but the program and pricing will be slightly different.
6. How does CardNav integrate with Apple Pay?
We’re currently in discussions with Ondot, our partner on CardNav, to see if there’s any potential there.
7. Does CardNav send email alerts?
No, and that was a conscious decision on our part. After reviewing the options of having email or SMS text alerts, we felt that in-app alerts were where the market is going.
8. Will CardNav be available to credit unions that do not use CO-OP as their primary debit processor?
CardNav is available exclusively to credit unions using CO-OP as their debit or in-house credit processor.
To watch a recorded version of “CardNav by CO-OP: Leading the Charge in Card Control,” click here.
Find out more about CardNav at co-opfs.org/cardnav.