2. Person-to-person (P2P) transfers
During the event, the team gave a demonstration of a user from one credit union paying a user from another credit union. In the use case pictured below, an individual from one credit union is paying a friend from another credit union, so that they can purchase groceries for dinner. Through this envisioned shared payment system, users will only require a phone (or any digital device) and a credit union account at a participating institution – enabling payments and transfers from remote locations, in real time.
Use case 1: To facilitate the demonstration, a simplified application called Coop-Pay was created. Here an example new user is asked to register with the application using personal information to create a unique alias that will be used to complete digital payments