CO-OP Financial Services Wins Bid for eCom
December 20, 2011
December 20, 2011
The National Credit Union Administration (NCUA) has approved CO-OP Financial Services’ bid to purchase the online and mobile bill pay services of Corporate Network eCom, LLC, a subsidiary of U.S. Central Bridge.
All eCom employees will now become employees of CO-OP Financial Services, continuing to service eCom’s online and mobile bill pay clients with no interruption in service during the transition. U.S. Central was placed into conservatorship by the NCUA in March 2009.
The announcement came just days after CO-OP and Financial Service Centers Cooperative, Inc., (FSCC) announced that they would officially be combining services at year’s end. It also came a day after the NCUA announced the winner of another bid for the business of a conserved corporate, having chosen Catalyst Corporate Federal Credit Union to replace WesCorp.
“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 and 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.
CO-OP, based in Rancho Cucamonga, Calif., already boasts 3,000 clients, and following its merger with FSCC, more than 1,700 credit unions with more than 4,300 branch locations will be available to credit union members as part of the shared branching network. More than 750,000 credit union members currently use at least one of eCom’s three electronic bill payment solutions.
“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.
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Posted in NCUA.