New CO-OP Record: 2.8B Transactions in 2013
CO-OP Financial Services processed a record number of electronic funds transfer payments and shared branch transactions in 2013, the CUSO reported Wednesday.
CO-OP said it processed 2.8 billion EFT and shared branch transactions by credit union members in 2013, an increase of 10% over 2012 numbers.
The CUSO reported a very busy few final days of the holiday shopping season helped boost the overall total, with a new single-day record of more than 9 million transactions recorded on Saturday, Dec. 21. In addition, new records for transactions in an hour, minute and second were set on Tuesday, Dec. 24, highlighted by a peak of 223 transactions per second.
“CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing consumer convenience,” said CO-OP CEO Stan Hollen.
“The new transaction processing records set by CO-OP in 2013 demonstrate that credit unions can compete with anyone in terms of terms of debit, credit, ATM and branch services.”
Continuing last year’s growth rate of 10%, CO-OP Financial Services would surpass 3 billion transactions in 2014; the company is achieving milestones at an accelerating pace. In 2004, the company reached 1 billion in annual transactions, and in 2010, CO-OP Financial Services first topped 2 billion transactions.