CO-OP Financial Services reported Wednesday it processed more than three billion electronic funds transfer and shared branch transactions by credit union members in 2014, which established a new annual record for the CUSO.
Last year's record transaction volume was an 8% increase from 2013, according to the Rancho Cucamonga, Calif.-based organization.
CO-OP Financial said the record set in 2014 means it is hitting new milestones at an accelerated pace.
For example, in 2004, the company reached one billion in annual transactions. In 2010, it topped two billion transactions.
Now, just four years later, CO-OP Financial reached the three billion mark, which translated to 276 transactions per second, 14,138 transactions per minute or 760,522 transactions per hour, which were all new records, according to the CUSO.
On Dec. 24, CO-OP Financial said it recorded 10,327,641 transactions, another record number achieved for one day.
"The new transaction processing record set by CO-OP in 2014 demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services," Stan Hollen, president/CEO of CO-OP Financial, said in a prepared statement.
CO-OP Financial said it is the credit union industry's largest processor of electronic payments.
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