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Co-op breaks 3B benchmark in member payment transactions

The company also broke its previous records for volume-per-second, -minute, -hour, and -day on Dec. 24, 2014.

January 20, 2015

Co-op Financial Services set a new annual record in 2014, processing more than 3 billion electronic funds transfer and shared branch transactions by credit union members, according to a press release. This represents an increase of 8 percent in transactions, compared with 2013.

"In 2013, we set a record with 2.8 billion transactions," said Co-op President and CEO Stan Hollen in the release. "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."

In 2004, Co-op reached 1 billion in annual transactions. In 2010 the company topped 2 billion transactions. Just four years later, it broke the 3 billion mark, as the transaction rate continued to accelerate.

On Wednesday, Dec. 24, the company also set new peak volume records for transactions on the second, minute, hour and day:

• 276 transactions per second at 10:38:19 a.m. Eastern Time;
• 14,138 transactions per minute at 10:38 a.m. Eastern Time;
• 760,522 transactions per hour at 2 p.m. Eastern Time;
• 10,327,641 transactions per day for Dec. 24, 2014.