CO-OP Faces Crowded Card Processing Market
ONTARIO, Calif. -- A history of increased efficiency and large transaction volume are two reasons CO-OP Financial Services believes it will succeed in the market for credit union credit card processing.
Currently two industry giants, Fidelity National Information Services and First Data Corp. dominate the space and would appear to present a formidable front to any prospective new players, but a CO-OP executive said the CUSO was prepared for the challenge.
Jim Hanisch, senior vice president with the CUSO which is the parent of CO-OP Network, expanded on the remarks that CO-OP CEO Stan Hollen had offered at the CUSO's annual meeting. Hanisch said the CUSO intends to offer the service by the end of the year, but said that key details, such as whether the CUSO would have its own card platform or process on someone else's, had yet to be set.
"We decided to take this step because we had so many member CUs asking us to start offering it," Hanisch explained, adding that the organization's history of efficiency and transaction volume suggested that it would be able to offer card transaction processing at a very reasonable price."