CO-OP Financial Services established a new annual record in 2015, processing more than 3.2 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 6.6 percent compared to 2014.
“CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing secure and convenient access to accounts,” said Stan Hollen, President/CEO of CO-OP. “The new transaction processing record demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services.”
The 3.2 billion figure continues CO-OP’s upward climb in annual transactions. In 2004, the company reached 1 billion; in 2010, CO-OP topped 2 billion; and in 2014, CO-OP reached the 3 billion mark.
In addition to the grand total, CO-OP established new all-time records at shorter intervals. Here are records established in 2015 for transactions processed per-second, per-minute, per-hour and per-day:
- Peak volume per second: 6:43:06 a.m. Eastern Time on March 3 – 665 transactions.
- Peak volume per minute: 6:32 a.m. Eastern Time on March 11 – 22,354 transactions.
- Peak volume per hour: 1 p.m. Eastern Time on June 30 – 1,022,497 transactions.
- Peak volume per day: Dec. 24 – 11,166,663 transactions.
The figure of more than one million transactions in a single hour is worth noting. Back in March 1988, CO-OP for the first time surpassed the one million mark in a single month.
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 5,400 branches, 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.
The capacity of the company’s transaction processing capabilities is matched by consistently high marks from its client credit unions for consumer service, with a satisfaction rating of 8.8 (out of 10.0) for the most recent survey period (July-December 2015).
For more information, visit www.co-opfs.org.