RANCHO CUCAMONGA, Calif., Dec. 15, 2011 - CO-OP Financial Services announced that the National Credit Union Administration has approved its intent to purchase the online and mobile bill pay services of Corporate Network eCom, LLC, a subsidiary of U.S. Central corporate credit union.
"The bill pay services of eCom are a perfect extension of the e-commerce business line of CO-OP Financial Services, which already includes the online CO-OP Bill Pay and advanced CO-OP Mobile banking solution," said Stan Hollen, President/CEO of CO-OP. "The transition of eCom services to CO-OP is so complementary that eCom clients will not need to change payment processing platforms as a result of the ownership change.
"We look forward to providing the same high level of service eCom clients have always received for bill pay, and helping all of our clients compete even more effectively in the future against banks in terms of access and convenience services they can offer their members," said Hollen.
All eCom employees will become employees of CO-OP Financial Services and continue to service eCom online and mobile bill pay clients. The organization, located in Lenexa, Kansas, was founded in 1999 and today more than 750,000 credit union members use at least one of its three electronic bill payment solutions. The flagship MemberPayPlus enables members to receive, view, manage and pay all of their bills from a credit union website.
The acquisition plan by CO-OP Financial Services was approved by NCUA in a competitive bid, required as U.S. Central was placed into conservatorship by NCUA in March 2009. CO-OP expects to complete the purchase within 90 days. For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. With 30 years of credit union service, CO-OP connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,400 shared branch locations and more than two billion annual transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.