Co-op Solutions

This article is about the North American interbank network. For the UK Co-operative Society, see Co-operative Financial Services.

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.

Co-op Solutions

Operating area	United States, Canada
Founded	1981 (as Co-op Network)
Website	www.coop.org

It is was headquartered in Rancho Cucamonga, California.^[1][2]

History

The CO-OP Network began in 1981 when 20 credit unions in California united their 32 ATMs.^[3] In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores.^[4]

In 2002, the network added its first Canadian member, CS CO-OP.^[5][6]

In 2003, the network added 262 ATMs of the Navy Federal Credit Union which are located on U.S. Naval bases^[7] through the United States plus Africa, Bahrain, Cuba, Diego Garcia, Greece, Guam, Italy, Japan, Korea, Singapore and Spain.^[8] 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.^[9]

In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc.^[10]

CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012.^[11]

In 2019 Co-op Solutions processed 7.6 billion financial transactions.^[12][13]

In January 2024, Co-op Solutions merged with PSCU.^[14] The merged company will be known as Velera, however it will continue to use Co-op Solutions as one of its brands.^[15]

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.^[16][17][18] This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches. ^[19]