Financial technology company CO-OP Financial Services processed more than 6.6 billion credit, debit, electronic funds transfer and shared branch transactions for credit unions last year, the company announced today.
The growth doubles last year’s transactions total of 3.3 billion. Much of the growth came from the acquisition of TMG, which accounted for 2.2 billion transactions.
The cooperative fintech also helped credit union clients avoid more than $131 million in potential fraud losses, the company said.
Other corporate milestones that CO-OP Financial Services reached included:
· Acquiring TMG for $100 million
· Adding six new employees to the executive team
· Becoming the second-largest ATM branch network in the U.S.
· New digital products, including a Mobile Locator app with rideshare-app integration, support for Fitbit and Garmin payments, mobile banking 3.0 and an anti-fraud machine-learning system
· A $26.1 million shareholder dividend to credit unions
“Payments are becoming a foundational part of the member-credit union relationship,” Todd Clark, president and CEO of CO-OP, said in a press release. “As omni-digital engagement becomes more of a reality for credit unions and their members, CO-OP’s in-branch, online, mobile and digital channels will continue to advance. Our mission is to help the movement’s cooperatives offer the kinds of fast, agile and frictionless payment experiences that earn loyalty and grow income.”