CO-OP tops 3B in annual transactions
RANCHO CUCAMONGA, Calif. (1/15/15)--CO-OP Financial Services established a new annual record in 2014, processing more than 3 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 8% compared with 2013.
"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, CO-OP president/CEO. "In 2013, we set a record with 2.8 billion transactions. The new transaction processing record set by CO-OP in 2014 demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services."
The record set in 2014 indicates that CO-OP is hitting new milestones at an accelerating pace. In 2004, the company reached 1 billion in annual transactions and in 2010 CO-OP Financial Services first topped 2 billion transactions.
With more than 3 billion transactions in 2014, records were also set at shorter intervals particularly on Dec. 24. Here are the second, minute, hour and day transactions, all new records in their categories:
- Peak Volume Per Second: 10:38:19 a.m. ET--276 transactions per second;
- Peak Volume Per Minute: 10:38 a.m. ET--14,138 transactions per minute;
- Peak Volume Per Hour: 2 p.m. ET--760,522 transactions per hour; and
- Peak Volume Per Day--10,327,641 transactions per day.
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 5,200 branches (and 2,000 standalone locations) and CO-OP ATM, a network of 30,000 ATMs, including 9,000 deposit-taking. CO-OP has 3,500 credit union clients, which include 30 million credit union debit and credit cardholders.