On April 3, 2017, CO-OP Financial Services announced it has acquired TMG. This acquisition unites the credit union industry's best in credit processing with the best in debit processing and network delivery. Together, we look forward to offering credit unions a single point of entry to the most innovative, tailored and cost-effective payments products in the marketplace, along with a scale of processing that's second to none. Exactly what you need to deliver a seamless and secure experience in the rapidly evolving world of payments.
CO-OP and TMG have been strategic partners since January 2012. Since that time, CO-OP has been the minority stakeholder in TMG. As partners, the two companies have been able to offer their clients an expanded range of complementary products and services, and to collaborate on initiatives such as their joint research project on blockchain technologies for credit unions. With this acquisition, CO-OP can now offer credit unions comprehensive solutions for both debit and credit processing within a single, simplified ecosystem.
Generally speaking, acquiring TMG enables CO-OP to become a fully-integrated, comprehensive payments services company. More specifically, CO-OP will deliver against its seamless, secure and personalized vision through greater integration of our two companies' product lines and a simplified, predictive client experience. CO-OP will also be leveraging artificial intelligence, custom business intelligence, consultation and deeper security offerings that marry machine learning and human analysis to perfect authentication, reporting and anticipation of fraud.
While CO-OP is already working to deliver on the benefits of this acquisition, relationships with our clients will continue as they have. Your CO-OP or TMG contacts will remain the same. Along with this acquisition, CO-OP is undergoing a change in its executive management structure in order to facilitate the integration of the two companies and our movement forward as an organization.
Together, the union of CO-OP and TMG will be more competitive in a payments industry that is rapidly evolving with new market entrants and growing capital investment requirements. We are creating a new business, capable of growing with our clients to address the challenges and opportunities of the market today and in the future, and making credit unions the most desirable financial providers to modern consumers.
"We are creating a new CO-OP that embraces technology and best-in-class service delivery to create a seamless, secure and personalized experience for our clients and their members, however they choose to interact with their credit union using a CO-OP product." - Todd Clark, President/CEO of CO-OP Financial Services
Bill Prichard, APR
CO-OP Financial Services
800.782.9042, ext. 3450