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CO-OP Offers Money for ATM Compliance

ONTARIO, Calif. - Compliance may be its own reward, but the CO-OP Network, the nation's largest credit union-owned ATM network that is surcharge free to cardholders, wants to it pay for credit unions as well. The network has announced it will distribute $2.3 million among its member credit unions as...

By Staff Writer | Updated on September 14, 2004

ONTARIO, Calif. – Compliance may be its own reward, but the CO-OP Network, the nation’s largest credit union-owned ATM network that is surcharge free to cardholders, wants to it pay for credit unions as well. The network has announced it will distribute $2.3 million among its member credit unions as an incentive for them to upgrade their ATM fleets to meet the newest encryption standards. The $2.3 million works out to about $400 per ATM. All ATMs in the country must be compliant with the new so-called Triple DES standard before April 29, 2005. The extra encryption will protect ATM machines and networks from having sensitive financial information compromised. “While the industry mandated Triple DES compliance deadline has been looming for some time, it’s now right around the corner,” said CO-OP COO Gene Polito. “As a credit union-owned processor and ATM network, we have a strong interest in keeping our credit union constituency aware of new developments and compliant with industry requirements. “Our incentive program rewards credit unions that have successfully dealt with this ATM security mandate and received certified compliance. It also demonstrates our continued commitment to supporting our membership through these times of regulatory change.” The $2.3 million will be distributed among member credit unions according to how many Triple DES machines they have.

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