Co-op Solutions
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1981 |
| Fate | Merged into Velera (January 2024) |
| Headquarters | Rancho Cucamonga, California , United States |
Area served | United States, Canada, U.S. Navy bases abroad |
| Products | Interbank ATM network, shared branching services |
CU Cooperative Systems, Inc. functioned as a service organization supporting U.S. credit unions and has since merged into Velera. The unified company continues operations under the Co-op Solutions name, formerly recognized as CO-OP Financial Services and Co-op Network. It operated an interbank network that linked credit union ATM locations throughout the United States, Canada, and certain U.S. Navy bases abroad.
Based in Rancho Cucamonga, California, the firm provided credit union members with access to ATMs without surcharge fees.
History
Established in 1981 under the name CO-OP Network, it initially connected 20 California credit unions with a total of 32 ATMs. By 1986, the network expanded its ATM presence to include 7-Eleven convenience stores.
The network entered the Canadian market in 2002 by welcoming its first Canadian participant, CS CO-OP (Alterna Savings). A year later, it added 262 Navy Federal Credit Union ATMs situated on U.S. naval installations both domestically and internationally; however, usage is limited to authorized individuals.
In 2007, CO-OP broadened its surcharge-free ATM availability to encompass 321 Costco Wholesale outlets nationwide.
Key acquisitions included obtaining a controlling interest in Everlink Payment Services Inc., a Canadian payment solutions company, in 2015 and acquiring full ownership of payment processor TMG in 2017, thereby strengthening its payment processing portfolio.
By 2019, Co-op Solutions handled approximately 7.6 billion financial transactions each year.
In January 2024, Co-op Solutions combined with PSCU to create Velera, while continuing to use the Co-op Solutions brand for select service offerings.
Co-op Solutions provides shared branching, allowing members from around 1,800 credit unions to perform most teller services at any of the network’s approximately 5,700 branches. Originating in 1975 through the collaboration of five Detroit-area credit unions, this initiative was designed to lower expenses related to operating individual branch locations.