RANCHO CUCAMONGA, Calif. (1/26/12)--CO-OP Financial Services processed more than 200 million electronic payment transactions by credit union members during December, marking the first time the company exceeded the 200 million milestone in a single month.
"Reaching 200 million transactions in just one month is a tribute to the growth of the movement, as more members continue to become debit and credit cardholders with their credit unions," said Stan Hollen, CO-OP Financial Services president/CEO. "CO-OP Payment Processing helps institutions keep up with this demand, ensuring continued convenience for their cardholders and ensuring cost-effective processing that maximizes profitability for the credit union."
For the entire year of 2011, the company processed more than 2.2 billion transactions. CO-OP Financial Services first exceeded the one billion transaction mark in 2004.
The company processed more than 100 million shared-branch transactions in 2011, reflecting CO-OP's merger with Financial Service Centers Cooperative (FSCC), which was announced in September and finalized Tuesday.
CO-OP Financial Services provides services on cardholder debit, credit, ATM and shared-branch transactions.