HiCUSO actively promotes shared branching to all of Hawaii's 85 credit unions. They are currently made up of 17 member credit unions with 57 branches throughout the state. The affiliation with CO-OP Shared Branching allows HiCUSO to better position their credit unions' future branching and member convenience needs through efficient pricing, advanced system functionality and enhanced service quality.
"CO-OP's Next Generation Network technology was a key factor in our decision to transition to this new relationship," said Norman Okimoto, HiCUSO Board Chairman. "The platform's flexibility, reliability, architectural design and innovational qualities not only allow us to provide the most advantageous shared branching services to our credit unions, but also to connect seamlessly to other delivery products offered by CO-OP Financial Services. These are the innovative services members look for in their financial institution."
HiCUSO is the 24th network to form an agreement with CO-OP Shared Branching. Through CO-OP's unique structure, CUSOs representing territories in 34 states manage local rules, pricing, sales and operations based on the particular needs of the market area.
"For credit unions to remain competitive, they must offer members unrivaled access and convenience," said Stan Hollen, President/CEO, CO-OP Financial Services. "CO-OP exists to help credit unions like those in Hawaii better compete by pooling resources to surpass even the largest financial institutions. We are enthusiastic about the evolution of the delivery systems that will come out of our partnership with HiCUSO."
In addition to the HiCUSO credit unions, CO-OP Shared Branching has brought live 19 new credit unions across the country so far this year. Another 18 institutions are in the pipeline. There are currently over 1,680 shared branch participants with 4,300 physical and 2,300 self-service kiosk locations worldwide.
Hawaii Credit Union Service Organization
Hawaii Credit Union Service Organization (HiCUSO) is a credit union owned organization that provides a shared branching network for credit unions of all sizes and connects 57 branches throughout Hawaii. The network is responsible for setting rules and pricing for the local shared branching transactions and currently serves members on the islands of Oahu, Maui, Hawaii and Kauai.
CO-OP Shared Branching from CO-OP Financial Services
In 2007, Credit Union Service Corporation and the shared branching arm of CO-OP Financial Services combined to form CO-OP Shared Branching, the credit union movement's largest shared branching network, representing 70 percent of all national locations and 80 percent of credit unions participating in shared branching.
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 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, 4,300 shared branch locations and 160 million-plus monthly 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. Follow CO-OP on Twitter at: http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at: http://co-opinsightvault.com.