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. 

For more information, visit www.co-opfs.org.

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 creed@nwcua.org today to find out how Strategic Link can help your credit union save money while meeting its goals in 2015 and beyond.

Posted in Article Post.