News

Co-op doubles transactions processed to 6.6B in 2017

January 30, 2018

Co-op Financial Services set a record by processing more than 6.6 billion credit, debit, EFT and shared branch transactions on behalf of its credit union clients in 2017.

The number is twice last the previous year's total of 3.3 billion transactions; much of the growth is attributable to Co-op's acquisition of TMG in 2017. Full-service credit transactions from clients previously serviced by TMG accounted for 2.2 billion transactions. 

"Payments are becoming a foundational part of the member-credit union relationship," said Co-op President and CEO Todd Clark. "As omnidigital engagement becomes more of a reality for credit unions and their members, Co-op's in-branch, online, mobile and digital channels will continue to advance. Our mission is to help the movement's cooperatives offer the kinds of fast, agile and frictionless payment experiences that earn loyalty and grow income."

Other notable achievements include:

• Fraud detection and prevention teams saved credit union clients more than $131 million in potential fraud losses in 2017, and the company is in the process of introducing even more advanced technology via machine learning and artificial intelligence to this effort.
• Shared branching took over the No. 2 spot as the largest U.S. network with 5,671 physical locations — second only to No. 1 Wells Fargo, with 6,150 branches.
• New and enhanced digital products including an enhanced mobile locator app complete with rideshare-app integration; announced payment support for Fitbit and Garmin wearables; introduced Mobile Banking 3.0.

"One of the more exciting components to our story has been the enthusiastic participation of our credit union partners," said Clark. "Reimagining the payments experience is something we are doing right alongside some of the most progressive, forward-thinking credit unions in the movement. We're honored they have chosen to co-create the future of banking with Co-op.