CO-OP Financial Services inked an agreement to purchase from a subsidiary of Fidelity National Information Services its shares in Everlink Payment Services which will give CO-OP majority ownership of the Canadian payments solutions and services provider to credit unions, banks and ISOs in Canada.
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.
CO-OP Financial Services (www.co-opfs.org), a credit union service organization, plans to introduce mobile card controls and alerts capabilities that allow members to set card controls based on their preferences, such as transaction type, merchant, location and payment thresholds. Members of credit unions will also be able to perform specific self-service functions, including balance inquiries and fund transfers. Card control and alert technology protects the cardholder as well as the credit union when a card is used in a way that’s inconsistent with the user-identified parameters. Controls can be set by the cardholder so that specific types of transactions are immediately denied and the cardholder is alerted about any potentially fraudulent use. Soon, credit unions will be able to offer their members new ways to more fully manage card use and security.
With the “credit union movement” offering service to members of individual credit unions nationwide. CO-OP ATM, managed on behalf of 3,500 client credit unions by CO-OP Financial Services, is a network of 30,000 ATMs across the country. members (customers) of participating credit unions to access their accounts without incurring a surcharge fee. At 30,000 ATMs, the credit union network is larger than the biggest dedicated bank network. These ATMs can not only be found on the premises of credit union branches, but in thousands of retail locations such as 7-Eleven, Walgreens and Costco. Credit union members can easily find out if their credit union belongs to CO-OP ATM by visiting www.allco-op.org. Or, if they have a debit card from their institution, they can simply turn over the card, and they will more than likely discover the red triangle logo of the network.
nFinanSe announced a provider of general purpose reloadable (GPR) prepaid cards in the direct-to-consumer sales channel. Closed in phases, the First Closing involved the sale of the operational assets of nFinanSe to an entity wholly owned by AccountNow. Assets of nFinanSe will consist solely of the stock of nFinanSe Payments Inc., the wholly-owned subsidiary of the Company that holds various state money transmitter licenses. AccountNow has an option to acquire the stock of nFinanSe Payments for a nominal payment at a Second Closing upon certain states granting approval for a change of control of its money transmitter licenses. It is highly unlikely that any proceeds will be available to holders of any other series of nFinanSe’s Convertible Preferred Stock or its Common Stock and after the Second Closing, nFinanSe will have no assets.
Presented by LoyaltyOne and Visa, the 3rd Annual COLLOQUY Loyalty Awards- loyalty awards decided by members of the loyalty industry- announced its recipients. Among them is American Express, selected by the panel for its “Digital Loyalty Innovation.” American Express won for a suite of digital innovations, including its first mobile redemption service, a loyalty experience for the iPad, barcode scanning and price comparisons. From November 2011 to March 2012, mobile/tablet redeemers increased by 117 percent and point redemption, as a share of overall redemption, rose 300 percent. COLLOQUY launched the awards in 2010 to salute the most innovative loyalty initiatives in the industry and, through its more than 45,000 subscribers- select the winning initiatives across 10 industry categories.
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, W.C.U.L. Services Corp. (WCUL) and Wisconsin Credit Union Shared Service Centers partnered to market CO-OP Network and Payment Processing services. CO-OP offers services that maximize member convenience and operational efficiencies for credit unions. WCUSSC already offers CO-OP Shared Branching, CO-OP Member Center and CO-OP E-Commerce Solutions. With the new agreement, WCUL and WCUSSC will also promote CO-OP Network and CO-OP Payment Processing services, which offers 28,000 surcharge-free CO-OP Networks ATMs nationwide, 9,000 of which are deposit-taking.
Charles Street Community FCU and Four Flags Area Credit Union have contracted for SHARE SYSTEM from CO-OP Financial Services to help operate their ATM and debit card programs more efficiently and with real-time payment processing. SHARE SYSTEM from CO-OP provides ATM and debit card program support in implementations, adjustments/chargebacks, operations and training. SHARE SYSTEM clients also have access to CO-OP Network, providing members of participating credit unions with surcharge-free access to more than 28,000 ATMs throughout the United States, 9,000 of which are deposit-taking.
Seeking both operational efficiency and cost-savings, Financial Plus FCU has selected CA-based CO-OP Credit for credit card transaction processing, in addition to the debit/ATM processing already provided by CO-OP Financial Services. CO-OP Financial Services offers clients the simplicity and lower processing costs of a bundled debit and credit solution. CO-OP Credit is an internal credit processing solution provided through a single connection to the host and delivered with the same CO-OP fraud, chargeback and credit union servicing processes used for debit and ATM program support.
Credit Union ONE and Telcom Credit Union have both deployed the CO-OP Member Center’s “Members Services” suite, a subsidiary of CO-OP Financial Services. Both already having adopted CO-OP network, payment processing and shared branching services, Credit Union ONE and Telcom Credit Union can now offer to their members 24/7 customer support thanks to the “Members Services” suite. This includes after-hours and as-needed call center duties, handling account inquiries, routine transactions and outbound calling to support marketing and other initiatives to members.