For Elfcu, CO-OP Debit Processing Opens the Door to a World of Access for Members

At A Glance:

Objective: Debit processing that is the core of member engagement

Solution: CO-OP Signature and PIN Transaction Processing

Results: Using multiple CO-OP product lines enables Elfcu to deliver on debit—and a whole lot more

Elfcu, formerly known as Eli Lilly Federal Credit Union and located in Indianapolis, Indiana, has more than $1 billion in assets and no retail branches. For this credit union, access alternatives aren’t a convenience. They’re a necessity. At the heart of Elfcu’s access strategy is CO-OP Signature and PIN Transaction Processing — access members need with the features they rely on to run their financial lives. But CO-OP’s Debit Processing also opens the door to a slew of products and services that keep the credit union connected to members across the country and around the world.

“Checking accounts are the stickiest product we have, and engagement comes through debit and ATM transactions,” says Tim Greene, Elfcu’s vice president of ecommerce. “At its core, access through debit is access to people’s money. Obviously, that’s a huge issue. And even after Dodd-Frank, debit interchange is a big part of our credit union’s income. It helps enable us to offer great rates and service to our members.”

Elfcu switched to CO-OP Debit Transaction Processing three years ago; at the same time it underwent a core processing conversion. The goal was to update its systems — and open the credit union up to greater flexibility. “Even though we are a larger credit union with a staff of 130 to 140, we don’t have IT developers on staff or a large IT development budget,” says Greene.

“Partnerships with companies like CO-OP allow us to leverage the technology we need to stay competitive.” Elfcu’s partnership with CO-OP extends to a number of areas, including:

  • CO-OP Shared Branching
  • ATM Managed Services
  • CO-OP Member Center
  • My Deposit Mobile
  • Terminal Driving
  • Full-Service Credit Card Processing

By using multiple business lines, Elfcu enjoys relationship pricing and operational efficiencies. The credit union is positioned to take advantage of new CO-OP technologies as they become available. Elfcu is also one of CO-OP’s credit union shareholders, which gives them access to revenue sharing — and even greater efficiency.

On a human level, CO-OP’s multiple service lines work together to help Elfcu deliver real service to their members. For example, by contracting with the CO-OP Member Center to handle fraud and chargeback calls on their debit card purchases, Elfcu was able to extend its service hours to 24/7 and free up internal staff to focus on more strategic issues.

“We had feedback from our members that they wanted someone to call after hours if they had an issue with fraud,” says Greene. “With the CO-OP Member Center, members can connect with a live person who will walk them through the process of documenting charges, ‘hot-carding’ the card if necessary, ordering a new card and filing insurance on our behalf.” The partnership is so smooth that Elfcu is looking to expand it: “We’re going to start routing all of our calls about ATM and debit cards through the CO-OP Member Center. It’s a great resource for us — and for our members.”

With access at a premium — and efficiency front and center — partnership is essential to staying competitive. “One thing I rave about is CO-OP’s flexibility,” says Greene. “They understand that one size doesn’t fit all, and they’re always available to help us find the right solution. I can’t say enough about the project management team they put together. They are efficient, quick and professional — they’re top notch.”

To learn more about CO-OP Signature and PIN Transaction Processing, contact

Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed at today to find out how Strategic Link can help your credit union save money while meeting its goals in 2014 and beyond.

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