RANCHO CUCAMONGA, Calif.—CO-OP Financial Services is reporting it established a new annual record in 2015, processing more than 3.2 billion electronic funds transfer and shared branch transactions by credit union members, an increase of 6.6% compared to 2014.
“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, president/CEO of CO-OP. “The new transaction processing record demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services.”
CO-OP said the 3.2-billion figure continues its upward climb in annual transactions. In 2004, the company reached one billion; in 2010, CO-OP topped two billion; and in 2014, CO-OP reached the three-billion mark.
In addition to the grand total, CO-OP said that in 2015 it also established new all-time records at shorter intervals—for transactions processed per-second, per-minute, per-hour and per-day:
- Peak volume per second: 6:43:06 a.m. ET on March 3 – 665 transactions
- Peak volume per minute: 6:32 a.m. ET on March 11 – 22,354 transactions
- Peak volume per hour: 1 p.m. ET on June 30 – 1,022,497 transactions
- Peak volume per day: Dec. 24 – 11,166,663 transactions
The figure of more than one-million transactions in a single hour is significant, CO-OP stated, noting that it was in March 1988 when for the first time it surpassed the one-million mark in a single month.
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 5,400 branches, and CO-OP ATM, a network of 30,000 ATMs—including 9,000 that are deposit-taking. CO-OP has 3,500 credit union clients, which includes 30 million credit union debit and credit cardholders.