Co-op Solutions is bringing a new payment network to the table. This network is expected to process over 7 billion transactions annually.
The new payment network will be built on the existing debit and credit card infrastructure, leveraging existing relationships with financial institutions and merchants.
This move is expected to reduce transaction fees for merchants and increase the speed of payment processing.
A fresh viewpoint: New Century Financial
New Payment Network
Co-op Solutions has introduced Co-op Pay Network, a new debit POS network specifically for credit unions.
This network is open to every credit union, regardless of their debit processing relationship.
Co-op Pay Network is designed to help credit unions optimize their debit profitability by controlling fees and maximizing interchange revenue potential.
The creation of Co-op Pay Network was motivated by the urgent need for credit unions to better monetize one of their most popular payment offerings.
Costs to offer a competitive debit program are on the rise as members demand sophisticated digital banking integration.
Explore further: Credit Unions in Ontario Canada
By participating in Co-op Pay Network, credit unions can widen their debit margins, giving them a greater pool of funds for investing in smarter fraud prevention and better loyalty programs.
Co-op Pay Network offers affordable fees for its participants and provides a single point of contact across their payment services.
This benefit ultimately improves the member experience.
Co-op Pay Network is an unaffiliated debit network that supports PINless transactions, including mobile applications, tokenized transactions, mobile wallets, and contactless transactions at millions of merchant point-of-sale locations worldwide.
Curious to learn more? Check out: Does Rocket Mortgage Do Mobile Home Loans
Pscu Merger
PSCU and Co-op Solutions have merged into a holding company, marking the start of a new journey for the combined company.
The new organisation will be led by Charles E Fagan, PSCU's current president and CEO, who will serve as CEO.
The combined company will have a headquarters in St Petersburg, Florida.
The entity will be known as PSCU/Co-op Solutions until a new brand for the combined organisation is announced in the coming months.
Discover more: Combined Ratio Solutions
The merger aims to provide an enhanced, end-to-end product portfolio for credit unions, including instant payments, data analytics, digital banking, and more.
PSCU supports more than 2,400 financial institutions and processes over eight billion transactions annually.
Co-op Solutions serves 2,650 credit union clients, processes eight billion transactions annually, and manages a nationwide ATM network of over 30,000 and a 5,700-location shared branch network.
The merger agreement has been overwhelmingly approved by member-owners and shareholders of both organisations.
Additional reading: Old National Bancorp First Midwest Merger
Frequently Asked Questions
What do Co-op Solutions do?
Co-op Solutions provides reliable and secure digital payment solutions for credit unions of all sizes. As a fintech partner, they help credit unions innovate and serve their members more effectively.
Featured Images: pexels.com
