CO-OP FINANCIAL SERVICES PASSES TWO BILLION MARK IN ANNUAL PAYMENTS PROCESSED FOR 2010

Contact: Bill Prichard
Public Relations Manager
CO-OP Financial Services
800.782.9042, ext. 3450
Bill.Prichard@co-opfs.org

RANCHO CUCAMONGA, Calif. (January 3, 2011) – CO-OP Financial Services, the credit union industry’s leading electronic payments processor, established a new annual record by handling more than two billion transactions for clients in 2010, the first time it has exceeded this milestone.

The two billion transactions for 2010, performed on behalf of its more than 3,000 client credit unions, represent more than a 10 percent increase compared to 2009 and the total maintains CO-OP’s position as the largest volume credit union-owned processor.

In addition to the annual record, CO-OP Financial Services established a new single-day record by processing more than eight million transactions on Dec. 24, 2010.

“CO-OP is focused on providing high quality in every service we provide to our clients,” said Stan Hollen, President/CEO, CO-OP Financial Services. “For payment processing, this means we have invested in dual node continuous processing. In 2010 we experienced zero scheduled or unscheduled system downtime due to our ability to move processing between nodes. We also have invested in and tested business continuity for our service support offices. These investments have led to industry leading system performance and record service quality scores from our member credit unions.

“We are looking forward to handling an even higher total in 2011 as our Network, ATM, PIN, Debit and Credit Card Processing continues strong growth,” said Hollen

For more information on CO-OP Payment Processing services from CO-OP Financial Services, contact the Business Development department of CO-OP Financial Services at 800-782-9042, ext. 7140, or via e-mail at: BusinessDevelopment@co-opfs.org.

Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and two billion annual transactions, CO-OP Financial Services is the nation’s largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at: http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at: http://co-opinsightvault.com. 

---