Co-op Solutions

{{About|the North American interbank network|the UK Co-operative Society|Co-operative Financial Services}}

{{More citations needed|date=December 2019}}{{Infobox Interbank Network

| name = Co-op Solutions

| logo = Co-op-solutions-logos.png

| area = United States, Canada

| foundation = 1981 (as Co-op Network)

| website = {{Official URL}}

}}

CU Cooperative Systems, Inc. was a company providing services to credit unions in the United States. It is now a part of Velera, although the combined organization continues to use the Co-op Solutions brand. Other names it has used includes CO-OP Financial Services and Co-op Network. It operated an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas.

It is was headquartered in Rancho Cucamonga, California.{{Cite web |title=About Co-op Solutions |work=True Work |url=https://www.truework.com/verifications/co-op-financial-services-employment-verification/ }}{{Cite web |title=Co-op Solutions Company Overview |work=Credit Union Executive Society |url=https://www.cues.org/networking/member-directory/co-op-financial-services }}

History

The CO-OP Network began in 1981 when 20 credit unions in California united their 32 ATMs.{{cite web |url=https://www.magnifymoney.com/blog/banking/co-op-shared-branching/ |title=CO-OP Shared Branching: A Credit Union Perk |work=MagnifyMoney |first=Lindsay |last=VanSomeren |date=May 29, 2019}}

In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores.{{Cite web |first=Tina |last=Orem |date=March 2, 2017 |title=CO-OP Inks ATM Deal with 7-Eleven |work=Credit Union Times |url=https://www.cutimes.com/2017/03/02/co-op-inks-atm-deal-with-7-eleven/ }}

In 2002, the network added its first Canadian member, CS CO-OP.{{cite news |url=https://www.americanbanker.com/creditunions/news/co-op-spreads-wings-across-northernborders |title=CO-OP Spreads Wings Across NorthernBorders |date=October 8, 2002 |magazine=American Banker}}{{Cite web |title=Co-op Solutions Timeline & History |work=Co-op Solutions |url=https://www.co-opfs.org/History }}

In 2003, the network added 262 ATMs of the Navy Federal Credit Union which are located on U.S. Naval bases{{cite web |url=https://www.atmmarketplace.com/news/navy-federal-cu-adds-its-atms-to-co-op-network/ |title=Navy Federal CU adds its ATMs to Co-Op Network |work=ATM Marketplace |date=February 13, 2003}} through the United States plus Africa, Bahrain, Cuba, Diego Garcia, Greece, Guam, Italy, Japan, Korea, Singapore and Spain.{{cite web |url=https://smartasset.com/checking-account/navy-federal-vs-usaa-banking |title=USAA vs. Navy Federal: Which Is Better for You? |work=Smart Asset |first= Lauren |last=Perez |date=November 20, 2018}} ATM access at these bases are restricted to individuals with the proper base security access.

In 2007, CO-OP members gained access to ATMs at 321 Costco Wholesale warehouses around the country.{{cite news |url=https://www.cutimes.com/2007/12/10/co-op-network-brings-surcharge-free-atms-to-costco/ |title=CO-OP Network Brings Surcharge Free ATMs To Costco |work=Credit Union Times |first=David |last=Morrison |date=December 10, 2007}}

In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc.{{cite news |url=https://www.atmmarketplace.com/news/co-op-financial-services-to-acquire-interest-in-canadas-everlink/ |title=Co-op Solutions to acquire interest in Canada's Everlink |work=ATM Marketplace |date=April 16, 2015}}

CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012.{{Cite web |date=April 3, 2017 |title=Co-op Solutions Acquires TMG |work=CUToday.com |url=http://www.cutoday.info/Fresh-Today/CO-OP-Financial-Services-Acquires-TMG }}

In 2019 Co-op Solutions processed 7.6 billion financial transactions.{{Cite web |date=March 10, 2020 |title=COOPER Fraud Analyzer from CO-OP Now Protecting 9.7 Million Member Accounts |work=Payments Journal |url=https://www.paymentsjournal.com/cooper-fraud-analyzer-from-co-op-now-protecting-9-7-million-member-accounts/ }}{{Cite web |first=Michael |last=Ogden |date=May 18, 2020 |title=Jim Hanisch Announces Retirement From Co-op Solutions |work=Credit Union Times |url=https://www.cutimes.com/2020/05/18/jim-hanisch-announces-retirement-from-co-op-financial-services/ }}

In January 2024, Co-op Solutions merged with PSCU.{{Cite web |last= |date=2024-01-03 |title=Credit Union Groups PSCU and Co-op Solutions Close Merger Deal |url=https://www.pymnts.com/credit-unions/2024/credit-union-groups-pscu-and-co-op-solutions-close-merger-deal/ |url-status=live |archive-url=https://web.archive.org/web/20240103012411/https://www.pymnts.com/credit-unions/2024/credit-union-groups-pscu-and-co-op-solutions-close-merger-deal/ |archive-date=2024-01-03 |access-date=2025-05-16 |website=PYMNTS |language=en-US}} The merged company will be known as Velera, however it will continue to use Co-op Solutions as one of its brands.{{Cite web |last= |date=2024-05-07 |title=PSCU/Co-op Solutions Rebrands as Velera |url=https://www.pymnts.com/credit-unions/2024/pscu-co-op-solutions-rebrands-as-velera/ |url-status=live |archive-url=https://web.archive.org/web/20240510123505/https://www.pymnts.com/credit-unions/2024/pscu-co-op-solutions-rebrands-as-velera/ |archive-date=2024-05-10 |access-date=2025-05-16 |website=PYMNTS |language=en-US}}

Shared branching

Co-op Solutions also provides what the company calls shared branching. Members of 1,800 credit unions can perform most teller transactions at any one of the network's 5,700 branches.{{Cite web |first=Stephanie |last=Vozza |date=August 23, 2019 |title=Banking 101: Understanding the Credit Union Shared Branching Network |work=DepositAccounts by Lending Tree |url=https://www.depositaccounts.com/blog/shared-branching.html }}{{Cite web |first=Justin |last=Pritchard |date=March 31, 2020 |title=Another Credit Union Perk: CO-OP Shared Branching |work=The Balance |url=https://www.thebalance.com/co-op-shared-branches-how-customers-benefit-4177758 }}{{Cite web |first=Ron |last=Jooss |date=December 20, 2019 |title=PODCAST: An industry leader |work=Credit Union National Association |url=https://news.cuna.org/articles/117075-podcast-an-industry-leader }} This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches. {{Cite web |date=October 25, 2005 |title=Shared Branching Turning 30 this Month |work=Credit Union Times |url=https://www.cutimes.com/2005/10/25/shared-branching-turning-30-this-month/ }}

References

External links

{{Official website}}

Category:Interbank networks

Category:Cooperatives based in California

Category:Financial services companies of the United States

Category:Companies based in San Bernardino County, California