RANCHO CUCAMONGA, Calif. (January 8, 2014) - CO-OP Financial Services established a new annual record in 2013, processing 2.8 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 10 percent compared to 2012.
The annual record was padded by a busy last few days of the holiday buying season, with a new single day record of more than 9 million transactions recorded on Saturday, December 21. In addition, new records for transactions in a single hour, minute and second were set on Tuesday, December 24, highlighted by a peak of 223 transactions per second.
"CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing consumer convenience," said Stan Hollen, President/CEO of CO-OP Financial Services. "The new transaction processing records set by CO-OP in 2013 demonstrate that credit unions can compete with anyone in terms of terms of debit, credit, ATM and branch services."
At a growth rate of 10 percent, CO-OP Financial Services would surpass 3 billion transactions in 2014, which means the company is reaching milestone figures at an accelerating pace. In 2004, the company reached 1 billion in annual transactions and in 2010 CO-OP Financial Services first topped 2 billion transactions.
CO-OP Financial Services is the credit union industry's largest processor of electronic payments. The company operates CO-OP Shared Branch, a network of 5,000 branches (and 2,000 standalone locations), and CO-OP ATM, a network of 30,000 ATMs, including 9,000 deposit-taking. CO-OP has 3,500 credit union clients, which includes 30 million credit union debit and credit cardholders.
The new annual transaction record by CO-OP was abetted by exactly 200 new contracts with credit unions in 2013 for its products and services.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.