Results Put CO-OP Financial Services on Track to Surpass Record 3 Billion Transactions for the Year
RANCHO CUCAMONGA, Calif. (December 2, 2015) – While reports of Black Friday-Cyber Monday 2015 shopping ranged from “bleak” (forbes.com) to “record breaking” (adobe.com), CO-OP Financial Services’ own transaction processing data show the 2015 holiday season opened on a par with 2014.
“Our EFT and shared branch transactions by the members of our client credit unions showed a slightly higher volume on Cyber Monday compared to last year,” said Stan Hollen, President/CEO CO-OP. “This bodes well for December retail buying, since we had a record breaking year in 2014 with more than 3 billion transactions, a figure we expect to surpass in 2015.”
Transactions processed by CO-OP include debit, credit, ATM and branch services. Sample volumes on November 30 (Cyber Monday 2015) include:
· Total volume for the day: 9,421,258 transactions.
· Peak volume per hour: 775,455 transactions during 8 a.m. Eastern time.
· Peak volume per minute: 14,918 transactions at 10:27 a.m. Eastern time.
· Peak volume per second: 258 transactions at 10:24:45 a.m. Eastern time.
Higher numbers during the holiday season may still be yet to come. CO-OP typically experiences the highest volumes of the year on December 24. On Christmas Eve 2014, for instance, transactions for that day reached a single-day record of 10,327,641 transactions.
CO-OP is the credit union industry’s largest processor of electronic payments. The company operates CO-OP Shared Branch, a network of 5,300 branches (and 1,800 standalone locations), and CO-OP ATM, a network of 30,000 ATMs, including 9,000 deposit-taking. CO-OP has 3,500 credit union clients, which includes 30 million credit union debit and credit cardholders.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation’s largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of “Be There. Be More,” CO-OP’s products fall into three business lines, including “Locations” (ATM, shared branching and call center services); “Card Payments” (debit and credit processing) and “Mobile/Virtual” (mobile, online, check imaging, bill pay services).
