CO-OP Financial Services

CO-OP Financial Services
Operating area United States, Canada
Members 60,000,000
ATMs 30,000
Founded 1981 (as CO-OP Network)
Website coop.org

CO-OP Financial Services, formerly known as CO-OP Network and also known as CU Cooperative Systems, Inc., is a payments and financial technology company that operates an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas. It is the largest credit union-owned interbank network in the US.[1]

The company offers a full range of solutions – including processing services and payments tools, consulting, intelligence and ATM and shared branching networks – to create a seamless, secure experience for credit union members.

It is headquartered in Rancho Cucamonga, California .[2] and has offices in several cities across the U.S. and Canada.

History[3]

  • 1981: CO-OP Financial Services is founded by a group of visionary California credit unions with 20 ATMs..
  • 1986: The first CO-OP ATMs are deployed at 7-Eleven stores.
  • 1996: CO-OP Financial Services becomes a “pure cooperative.”
  • 2002: The network includes its first Canadian member, CS CO-OP.
  • 2002: CO-OP Financial Services and Service Centers Corporation combine and operate two lines of business: EFT and Shared Branching.
  • 2007: CO-OP Financial Services and Credit Union Service Corp. (CUSC) form CO-OP Shared Branching, which represents 80 percent of the country’s shared branch participants.
  • 2009: CO-OP Financial Services acquires The LoanLink Center from CUNA Mutual Group.
  • 2011: CO-OP Financial Services and Financial Service Centers Cooperative, Inc. (FSCC) combine operations, unifying credit union shared branch services.
  • 2012: CO-OP Financial Services partners with The Members Group (TMG) and makes a strategic investment in TMG.
  • 2013: The number of branch locations available through the nationwide CO-OP Shared Branch network reaches 5,000, just over three years after reaching 4,000 in February 2010.
  • 2014: CO-OP Financial Services and Alkami Technology, Inc., form a partnership to bundle CO-OP Bill Pay with the Alkami ORB Platform.
  • 2015: CO-OP Financial Services purchases Covera Solutions from The New York Credit Union Association (NYCUA).
  • 2015: CO-OP Financial Services purchases Everlink Payment Services, giving CO-OP majority ownership of the Canadian payments solutions and services provider to credit unions, banks and ISOs in Canada.
  • 2017: CO-OP Financial Services, acquires TMG, the leader in credit processing.
  • 2018: CO-OP Shared Branching surpasses Chase in number of branch offices, becoming the nation’s second largest network of financial institution branches.

Shared branching

About 1,800 credit unions nationwide participate in CO-OP Shared Branching, forming the second largest branch network in the country – ahead of Bank of America and Chase, and second only to Wells Fargo. Members of participating credit unions can perform most teller transactions at any one of network’s more than 5,700 branches.

ATM Network

CO-OP Financial Services’ nearly 30,000 ATMs provide more direct, surcharge-free access to money than most of the biggest banks. In addition to participating credit unions, ATM locations include selected merchants, such as 7-Eleven, Circle K, Costco, Publix, Dunkin Donuts and Rite-Aid.

Payments

A full range of processing services and payments innovations enable CO-OP Financial Services’ credit union clients to create a seamless, secure experience for their members. Solutions for debit, credit, digital wallets and ATM processing offer credit unions a proven way to transform card portfolios into dynamic products that increase transaction volume, profitability and member retention.

Member Contact Center

CO-OP Financial Services’ member contact center enables credit unions to provide their members with live, 24/7 telephone access without staffing their own phone centers. Card support services through CO-OP’s member contact center provide a dedicated toll-free number for members to call whenever they need information or assistance. Support is personalized to each credit union and consistent with the credit union’s standards of service.

Fraud Mitigation

Fraud prevention and management solutions provided by CO-OP Financial Services combat fraud with a comprehensive lineup of industry-leading products and services. Solutions include fraud monitoring and reporting, dispute processing, controls and alerts, fraud text and email notifications and more.

Launched in 2018, COOPER is the data-driven “brain” inside of CO-OP Financial Services, designed to detect and fight fraud faster than ever before. COOPER works behind the scenes to identify abnormal patterns, constantly learning and adapting with each transaction. With an intuitive machine-learning platform coupled with a team of experienced CO-OP fraud analysts, COOPER can outpace fraudsters to improve a credit union’s line of defense and speed the resolution process, too.

CO-OP THINK

THINK is a multifaceted initiative launched by CO-OP Financial Services to provide credit unions with fresh perspectives on the challenges and opportunities they face every day in their journey to adopt a digital mindset. Online THINK resources and in-person events offer a continuous flow of insights throughout the year.

Held at a different location around the country each spring, the annual THINK conference brings together diverse innovators and industry experts. Its keynotes and hands-on workshops inform and inspire the credit union movement’s digital transformation, driving it to become more agile, collaborative and intrapreneurial.[4]

References

  1. ↑ CO-OP Financial Services Timeline & History
  2. ↑ "Company Overview of CU Cooperative Systems, Inc". Bloomberg. Retrieved February 1, 2018.
  3. ↑ "CO-OP Financial Services corporate site".
  4. ↑ "CO-OP THINK website".


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