CO-OP Financial Services will continue getting payment settlement services from Catalyst Corporate Federal Credit Union and the two organizations said they plan to expand their relationship.
CO-OP has been getting the service from Western Bridge Corporate. The NCUA in December awarded Catalyst the right to buy the conserved Western Bridge and its settlement services, which include check clearing, ACH, EFT and ATM transactions.
“The agreement expands the business partnership between CO-OP Financial Services and Catalyst, which also markets network access and other services from CO-OP,” the Rancho Cucamonga, Calif., CUSO said in a statement.
“From the standpoint of technical power, and as an existing business partner, Catalyst will conduct high-quality payment settlement services without disruption of any kind for our clients,” said Stan Hollen, CO-OP president/CEO.
“CO-OP continues to be a solid supporter of corporate credit unions and this partnership demonstrates that corporates have a key role in the future of our movement,” he said.
Texas-based Catalyst was formed late last year as a merger of Southwest Bridge Corporate and Georgia Corporate and said it currently serves more than 1,000 credit unions.
CO-OP Financial Services is the largest CUSO in the country in terms of number of associated credit unions, assets and members, according to a 2011 survey by Callahan & Associates. It said it now has more than 3,000 credit union clients, 30 million cardholders, 28,000 surcharge-free ATMs, 4,400 shared branch locations and handles more than 2.2 billion annual transactions.