CO-OP Financial Services announced that it has agreedto purchase a majority ownership stake in Everlink Payment ServicesInc., a subsidiary of FidelityNational Information Services Inc. The terms of the deal werenot disclosed.

Everlink provides payment network connectivity, ATM managedservices, card issuance and management services, POS services,fraud management and other services to credit unions, banks andindependent sales organizations in Canada.

“We have had a limited presence in Canada,” CO-OP President andCEO Stan Hollen (pictured), said. “The acquisition of an interestin Everlink enables us to expand our network to clients throughoutNorth America. In fact, we see this investment as a foundation stepto a comprehensive North America-wide network and processingsolution for credit unions, making it even more convenient formembers in both Canada and the U.S. to use ATMs and their debitcards.”

He added, “CO-OP's purchase of FIS' position in Everlink helpsensure that this valuable asset to the credit union movementremains within the industry's ownership. We foresee inviting otherCanadian cooperatives into ownership participation of Everlink tofurther contribute to the growth of our movement and offerconsumers the best option among competing financialinstitutions.”

After the deal closes, Everlink will have two shareholders:CO-OP and Calgary-based Celero Solutions, which provides ITsolutions to credit unions and other financial servicesorganizations in Canada.

The country has approximately 700 credit unions and caissepopulaires with more than 10 million members, the organizationssaid.