CO-OP Financial Services signed an agreement with Visa to make the Visa EMV common debit solution available to its credit union clients. This long-term agreement between CO-OP Financial Services and Visa enables development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). Some development will still need to be done at terminals (both POS and ATM) in order to choose the common AID, a priority for industry organizations such as DNA. CO-OP helped found DNA in December 2013, and will continue to play a key role in its activities. Michelle Thornton, Manager-Core Products for CO-OP, is a member of DNA’s Board of Directors. The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers.
MV-enabled Visa debit cards functioned successfully in at least six countries for members and staff of Bank-Fund Staff FCU, with online transaction processing performed by CO-OP Financial Services. CO-OP has passed EMV certification with Visa, based on its work with Bank-Fund Staff FCU as the test credit union. Bank-Fund Staff FCU tested CO-OP’s Phase I processing solution of online EMV transactions from a contact EMV card. Bank-Fund Staff FCU issued 11 EMV-enabled Visa debit cards to members and staff during the pilot EMV period, which extended from late December to early April. This is the first step in the credit union’s overall EMV strategy.
CO-OP Financial Services is partnering with Diebold, Incorporated, to provide greater personalized service and convenience to credit union members by testing two-way video member service on CO-OP Network at Diebold automated teller machines (ATMs). “As ATMs continue to provide more capabilities to the user, two-way video support is the next step in ensuring the member…
CO-OP Financial Services processed more than 200 million electronic payment transactions by credit union members during December 2011, marking the first time the company exceeded the 200 million milestone in a single month. CO-OP Financial Services is the credit union industry’s leading electronic payments processor, providing services on cardholder debit, credit, ATM and shared branch transactions. For the entire year of 2011, the company processed more than 2.2 billion transactions. CO-OP Financial Services first exceeded the 1 billion transaction mark in 2004.
The Members Group (TMG) and CO-OP Financial Services announced they have formed a strategic partnership to combine strengths and deliver the largest array of payment solutions for credit unions. Under the agreement, CO-OP Financial Services has made a strategic investment in TMG. TMG and CO-OP Financial Services will continue to offer products under their own brands, operate independently and work within their existing management structures. At the same time, both companies will cross-sell all of their respective products and services. The alliance of TMG and CO-OP Financial Services means the two companies serve more than 40 percent of all U.S. credit unions and provide payment services to nearly 33 million cardholders.
CO-OP Financial Services is nearing completion on phase two application
software to allow members of shared branching credit unions to conduct
nearly all financial transactions at existing NCR ATMs. Currently
operational is “CO-OP Fast Branch” standalone kiosk currently installed
in more than 100 locations while phase two is slated for availability
4Q10. Phase three, meanwhile, will offer additional features and
installable via software on ATMs of NCR and Diebold sometime in 2011.
The shared branch transaction capabilities on the ATM will provide
credit union members full account access as if they were at their own
credit union office.
CO-OP Financial has partnered with NCR for a comprehensive suite of managed ATM services.
“The CO-OP ATM Managed Services” approach to
ATM deployment and management will be attractive to credit unions
seeking to outsource these functions, as capital expenses grow with the
size of the ATM fleet. Participating credit unions clients will benefit
from a simplified, fully-bundled billing process that includes the
option of leasing ATM hardware if desired; ongoing upgrades to maintain compliance and state-of-the-art
functionality; positive impact on resource allocation for ATM monitoring and
management; a robust suite of ATM processing options to enrich the member
experience and a single contact point for all issues related to managing an ATM
fleet, instead of managing multiple vendors. The “CO-OP ATM Managed Services” suite includes flexible ATM terminal
driving, implementation support, cash management, terminal monitoring,
IP data communication as well as the options to add features like check
imaging, content distribution and other state-of-the-art ATM
functionality. NCR will continue to handle ATM sales, deployment and
servicing as part of the integrated package. Credit union clients will
receive one consolidated CO-OP invoice for all suite services.
CO-OP Financial Services and Cardtronics have renewed their agreement to provide ATMs within 7-Eleven stores.
ATMs in 7-Eleven stores across the country will continue to be part of the
CO-OP Network for at least five more years, based on the contract
renewal announced by CO-OP Financial Services and Cardtronics, Inc.,
the operator of the retail ATMs. Approximately 5,500 ATMs in 7-Eleven stores are
covered under the contract renewal, about 2,200 of which are deposit
taking. In addition, about 340 ATMs in Costco membership warehouses and
about 670 ATMs in Walgreens drug stores also are covered under the
agreement with Cardtronics. More than 3.2 million surcharge-free CO-OP Network transactions per
month take place at 7-Eleven stores. CO-OP Network comprises 28,000 ATMs throughout the United States,
offering credit union members surcharge-free access to their checking
and savings accounts.
CO-OP Financial Services has received 101 new credit union contracts for its
payments products and services during the third quarter of 2009.
The contracts were received from credit unions in 27 different states
and the District of Columbia. Leading all product sales in the third
quarter were 68 agreements for access to CO-OP Network, CO-OPâs
nationwide network of 28,000 surcharge-free ATMs for members of
participating credit unions. Among the credit unions signing up for
CO-OP Network include Wright-Patt Credit Union, Inc. of Fairborn, Ohio,
the largest credit union in Ohio and the 74th largest in the United States.
Online Resources Corporation and CO-OP Financial Services have inked a reseller agreement for Internet banking, bill payment and other online services. Online Resourcesâ “Unite Financial Services Suite” will be available over CO-OPâs “Next Generation Network” technology platform.
With nearly 3,000 credit union members, 28,000 surcharge-free ATMs (including 9,000 deposit-taking), 3,700 shared branch locations (the largest number of branches of any network), 155 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the top credit union EFT network and processor in the U.S. financial services industry.
CA-based CO-OP Financial Services is providing $30,000 to the Electronic Payments Coalition to support their efforts to inform
legislators of the facts surrounding interchange while opposing changes
to the current interchange fee structure.Interchange revenue is derived from the payment by a retailerâs bank to
a memberâs credit union when the retailer chooses to accept that
memberâs credit or debit card for payment. It is a key revenue source
for credit unions that helps to partially reimburse them as card issuers
for the activities they perform and the risk they take on each transaction.
While the âCredit Cardholdersâ Bill of Rights,â placed tighter restrictions
on credit card issuers, the legislation did not include changes to
current interchange practices. It did, however, authorize the Government
Accountability Office (GAO) to study the issue, which could result in
future legislation that threatens interchange.The âCredit
Card Fair Fee Act of 2009,â would allow merchants to
negotiate credit card transaction fees with financial institutions. The
proposed legislation excludes credit unions regulated by the National
Credit Union Administration (NCUA) and those under $1 billion in assets.
The EPC is working to fight this bill and sustain existing fee
regulations. On June 9, Senator Richard Durbin introduced S. 1212. This
bill would allow the U.S. Attorney General to appoint a panel of
Electronic Payments System judges who would act as agents in setting
interchange fees. EPC is a Washington, D.C.-based organization funded by more than 60
credit union, bank and payment systems organizations.
CA-based CO-OP Financial Services has launched the “Usage Analytics
Plus” portfolio optimization product. “Usage Analytics Plus” further
leverages the breadth of member data by laying cardholder demographics over
transaction data. Credit unions can analyze usage patterns based on
this information combined with specific parameters, such as identifying
heavy PIN users at certain merchants or determining recent cards issued
that havenât been activated. CO-OP is adding the product to
module, developed by Saylent Technologies, a payment intelligence
software provider that created the “Card360” card portfolio optimization
solution used in the CO-OP Revelation platform. Clients using the new
module find it beneficial to have data combined,
particularly for analyzing potential fraud impacts.