As consumers steadily move away from traditional paper-based transactions, credit unions face a number of important decisions regarding their payments systems. To guide credit unions through these and other changes, CO-OP Network introduced its latest white paper, “Navigating the Payments Landscape,” at their 2004 Annual Conference and Shareholders’ Meeting.
The paper, produced in cooperation with WesCorp and the Applied Research Institute (ARI), was presented to Conference attendees by its authors, Tony Hayes of Dove Consulting and John MacAllister of Benton Consulting Partners.
“Between Visa and MasterCard settling the merchant lawsuit, the passage of Check 21 and First Data’s acquisition of Concord EFS, the payments arena has been altered significantly in the last year,” said CO-OP Network CEO Robert Rose. “This industry change, coupled with the ever-increasing consumer preference for electronic payment options, makes it imperative to provide member credit unions with the information they need to develop sound payments strategies.”
“Navigating the Payments Landscape” outlines the legislative developments, competitive pressures, consumer preference shifts and technology advances that are challenging credit unions’ current payments business models.
“Every credit union needs a payments strategy,” said Tony Hayes, Managing Director of the Financial Services Practice at Dove Consulting, and study author. “In this time of change, it is more important than ever for credit unions to ally with the right partners and to work collaboratively to influence the industry’s future direction.”
CO-OP Network ([www.co-opnetwork.org]), established in 1981 and located in Ontario, Calif., is wholly-owned by its credit union shareholders and provides volume discounts on products and services that include risk management as well as debit and deposit access. With nearly 1,500 credit union members, more than 18,000 surcharge-free ATMs, 80 million monthly transactions and 18.5 million cardholders, CO-OP Network is the No. 1 credit union EFT network in the U.S. financial services industry. CO-OP Network, whose membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, PULSE and Plus, also offers national shared branch services via its subsidiary, Service Centers Corporation, based in Southfield, Mich.