Co-op Solutions

Last updated
Co-op Solutions
Co-op-solutions-logos.png
Operating areaUnited States, Canada
Founded1981 (as Co-op Network)
Website www.coop.org OOjs UI icon edit-ltr-progressive.svg

CU Cooperative Systems, Inc. doing business as Co-op Solutions [1] [2] (formerly d.b.a. CO-OP Financial Services), is a company that operates an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas. It is the largest credit union-owned interbank network in the US.[ citation needed ]

Contents

It is headquartered in Rancho Cucamonga, California. [3] [4]

History

The CO-OP Network began in 1981 when 20 credit unions in California united their 32 ATMs. [5] In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores. [6]

In 2002, the network added its first Canadian member, CS CO-OP. [7] [8]

In 2003, the network added 262 ATMs of the Navy Federal Credit Union which are located on U.S. Naval bases [9] through the United States plus Africa, Bahrain, Cuba, Diego Garcia, Greece, Guam, Italy, Japan, Korea, Singapore and Spain. [10] ATM access at these bases are restricted to individuals with the proper base security access.

In 2007, CO-OP members gained access to ATMs at 321 Costco Wholesale warehouses around the country. [11]

In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc. [12]

CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012. [13]

In 2019 Co-op Solutions processed 7.6 billion financial transactions. [14] [15]

Shared branching

Co-op Solutions also provides what the company calls shared branching. Members of 1,800 credit unions can perform most teller transactions at any one of the network's 5,700 branches. [16] [17] [18] This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches.  [19]

Related Research Articles

<span class="mw-page-title-main">Mastercard</span> American multinational financial services corporation

Mastercard Inc. is the second-largest payment-processing corporation worldwide. It offers a range of payment transaction processing and other related-payment services. Its headquarters are in Purchase, New York. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.

<span class="mw-page-title-main">Cirrus (interbank network)</span> Worldwide interbank network

Mastercard Cirrus is a worldwide interbank network that provides cash to Mastercard cardholders. As a subsidiary of Mastercard Inc., it connects all Mastercard credit, debit, and prepaid cards, as well as ATM cards issued by various banks worldwide bearing the Mastercard / Maestro logo.

<span class="mw-page-title-main">Plus (interbank network)</span> Worldwide interbank network

Visa Plus is a worldwide interbank network that provides cash to Visa cardholders. As a subsidiary of Visa Inc., it connects all Visa credit, debit and prepaid cards, as well as ATM cards issued by various banks worldwide bearing the Visa / Electron logo.

<span class="mw-page-title-main">Visa Electron</span> Debit card

Visa Electron is a debit card product that uses the Visa payment system. It is offered by issuing banks in every country with the exception of Canada, Australia, Argentina, Ireland and the United States. The difference between Visa Electron and Visa Debit, a similar product, is that payments with Visa Electron always require on-line electronic authorisation, and typically require that all the funds be available at the time of transfer, i.e., Visa Electron card accounts may not normally be overdrawn. Most Visa Debit cards, on the other hand, may be processed offline, without online authorisation, and may allow transfers exceeding available funds up to a certain limit. For that reason, Visa Electron cards are more commonly issued to younger customers or customers that have poor credit. Some online stores and all offline terminals do not support Visa Electron because their systems cannot check for the availability of funds. In addition to point of sale debit payments, the card also allows the holder to withdraw cash from automated teller machines (ATMs) using the Plus interbank network.

<span class="mw-page-title-main">Visa Debit</span> Debit card

Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

MegaLink is a Philippine-based developer of mobile and banking software as well as a service provider for banks, specifically for Automatic Teller Machine (ATM) networks and point of sale systems for banks. From its establishment in 1989 until 2015, it has pioneered in the interconnectivity of several banks in the country by being the first Interbank Network with different banks as its members.

<span class="mw-page-title-main">Accel (interbank network)</span>

Accel is a North American interbank network owned by Fiserv. It connects over 412,000 automatic teller machines (ATMs) in all 50 states in the United States. The network also has a small number of ATMs in certain U.S. Air Force Bases around the world, and over 3.3 million electronic funds transfer at point-of-sale locations.

<span class="mw-page-title-main">ATM card</span> Type of bank card providing access to Automatic Teller Machines

An ATM card is a dedicated payment card card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and, in some countries, to make approved point of purchase retail transactions. ATM cards are not credit cards or debit cards, however most credit and debit cards can also act as ATM cards and that is the most common way that banks issue cards since the 2010s.

An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

<span class="mw-page-title-main">SHAZAM (interbank network)</span> US interbank and EFTPOS network

SHAZAM is a United States-based interbank network and EFTPOS network headquartered in Johnston, Iowa that operates primarily in the Midwestern United States. The network was founded in 1976 and is a member-owned financial services and payments processing company.

ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. There is usually a higher fee for use of White-label ATMs rather than bank owned ATMs.

<span class="mw-page-title-main">America First Credit Union</span> Credit union based in Riverdale, Utah

America First Credit Union (AFCU) is a federally chartered credit union headquartered in Riverdale, Utah, United States. As of January 2020, America First was the sixth largest credit union in the United States in terms of total membership and eighth largest credit union in assets in the U.S.

<span class="mw-page-title-main">Stanford Federal Credit Union</span>

Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.6 billion in assets and serves over 80,000 members.

<span class="mw-page-title-main">Worldpay, Inc.</span> American payment processing company

Worldpay, Inc. was an American payment processing company and technology provider. In June 2019 it was acquired and merged into Fidelity National Information Services (FIS). Before its acquisition, it was headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., was the largest U.S. merchant acquirer ranked by general-purpose transaction volume.

California Coast Credit Union is the longest-serving credit union in San Diego County, headquartered in San Diego, California. As of Q3 of 2020, it had more than $3.0 billion in assets, over 192,000 members, 26 branch locations and 540 employees

<span class="mw-page-title-main">SIA S.p.A.</span>

SIA S.p.A. is an Italian company operating in the area of ICT, providing services to the banking and finance sector in addition to platforms for financial markets and e-payment services.

<span class="mw-page-title-main">MoneyPass</span>

MoneyPass is an interbank network owned by Brookfield, Wisconsin-based Fiserv, the third largest North American financial services company by revenue.

Air Force Federal Credit Union (AFFCU) is a US credit union headquartered in San Antonio, Texas, chartered and regulated under the authority of the National Credit Union Administration in 1952. AFFCU's routing number is 314085504.

Georgia's Own Credit Union is a credit union based in Atlanta, Georgia that was founded in 1940.

References

  1. ↑ Orem, Tina (March 27, 2020). "Co-op Solutions Launches Cardholder Relief Program". Credit Union Times.
  2. ↑ "Company Overview of CU Cooperative Systems, Inc". Bloomberg. Retrieved February 1, 2018.
  3. ↑ "About Co-op Solutions". True Work.
  4. ↑ "Co-op Solutions Company Overview". Credit Union Executive Society.
  5. ↑ VanSomeren, Lindsay (May 29, 2019). "CO-OP Shared Branching: A Credit Union Perk". MagnifyMoney.
  6. ↑ Orem, Tina (March 2, 2017). "CO-OP Inks ATM Deal with 7-Eleven". Credit Union Times.
  7. ↑ "CO-OP Spreads Wings Across NorthernBorders". American Banker . October 8, 2002.
  8. ↑ "Co-op Solutions Timeline & History". Co-op Solutions.
  9. ↑ "Navy Federal CU adds its ATMs to Co-Op Network". ATM Marketplace. February 13, 2003.
  10. ↑ Perez, Lauren (November 20, 2018). "USAA vs. Navy Federal: Which Is Better for You?". Smart Asset.
  11. ↑ Morrison, David (December 10, 2007). "CO-OP Network Brings Surcharge Free ATMs To Costco". Credit Union Times.
  12. ↑ "Co-op Solutions to acquire interest in Canada's Everlink". ATM Marketplace. April 16, 2015.
  13. ↑ "Co-op Solutions Acquires TMG". CUToday.com. April 3, 2017.
  14. ↑ "COOPER Fraud Analyzer from CO-OP Now Protecting 9.7 Million Member Accounts". Payments Journal. March 10, 2020.
  15. ↑ Ogden, Michael (May 18, 2020). "Jim Hanisch Announces Retirement From Co-op Solutions". Credit Union Times.
  16. ↑ Vozza, Stephanie (August 23, 2019). "Banking 101: Understanding the Credit Union Shared Branching Network". DepositAccounts by Lending Tree.
  17. ↑ Pritchard, Justin (March 31, 2020). "Another Credit Union Perk: CO-OP Shared Branching". The Balance.
  18. ↑ Jooss, Ron (December 20, 2019). "PODCAST: An industry leader". Credit Union National Association .
  19. ↑ "Shared Branching Turning 30 this Month". Credit Union Times. October 25, 2005.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.