RANCHO CUCAMONGA, Calif. (March 6, 2012) – CO-OP Financial Services has selected Catalyst Corporate FCU to continue providing payment settlements for CO-OP-client credit unions, a service previously provided by Western Bridge Corporate FCU.
The Plano, Texas-based Catalyst Corporate won the right to acquire the assets of Western Bridge in December in a successful bid to the National Credit Union Administration (NCUA), which held the assets in receivership. Catalyst settlement services include check clearing, and ACH, EFT and ATM transactions.
The agreement expands the business partnership between CO-OP Financial Services and Catalyst, which also markets network access and other services from CO-OP.
“From the standpoint of technical power, and as an existing business partner, Catalyst will conduct high-quality payment settlement services without disruption of any kind for our clients,” said Stan Hollen, President/CEO of CO-OP Financial Services. “CO-OP continues to be a solid supporter of corporate credit unions and this partnership demonstrates that corporates have a key role in the future of our movement.”
CO-OP Financial Services is the largest credit union service organization in the country in terms of number of associated credit unions, assets and members, according to a 2011 survey by Callahan & Associates. The company is best known to consumers for CO-OP Network, comprising 28,000 ATMs available surcharge-free to members of participating credit unions. Catalyst was formed in 2011 from a merger of Southwest Bridge Corporate FCU and Georgia Corporate FCU and currently serves more than 1,000 credit unions throughout the United States.
For more information on CO-OP Financial Services, go to www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif. and founded in 1981, CO-OP Financial Services is the industry leader in access and convenience products for credit unions. CO-OP Financial Services 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 clients, 30 million cardholders, 28,000 surcharge-free ATMs, 4,400 shared branch locations and more than 2.2 billion annual transactions, CO-OP Financial Services offers the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.