CO-OP Surpasses 3 Billion Annual Member Payment Transactions

CO-OP Financial Services established a new annual record in 2014, processing more than 3 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 8 percent compared to 2013.

“CO-OP is dedicated to helping credit unions become the primary financial institution of their members by maximizing secure and convenient access to accounts,” said Stan Hollen, President and CEO of CO-OP. “In 2013, we set a record with 2.8 billion transactions. The new transaction processing record set by CO-OP in 2014 demonstrates again that credit unions can compete with anyone in terms of terms of debit, credit, ATM and branch services.”

The record set in 2014 indicates that CO-OP is hitting new milestones 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. Now just four years later, CO-OP has reached the 3 billion mark.

At more than 3 billion transactions for the year, there were also some remarkable numbers achieved at shorter intervals – and none more remarkable than those recorded on Wednesday, December 24, 2014. Here are the second, minute, hour and day transactions, all new records in their categories:

  • Peak Volume Per Second: 10:38:19 a.m. Eastern Time – 276 transactions per second.
  • Peak Volume Per Minute: 10:38 a.m. Eastern Time – 14,138 transactions per minute.
  • Peak Volume Per Hour: 2 p.m. Eastern Time – 760,522 transactions per hour.
  • Peak Volume Per Day: Again, Wed., Dec. 24, 2014 – 10,327,641 transactions per day.

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 5,200 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. 

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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 2015 and beyond.

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