CO-OP Financial Services announced that it has agreed to purchase a majority ownership stake in Everlink Payment Services Inc., a subsidiary of Fidelity National Information Services Inc. The terms of the deal were not disclosed.
Everlink provides payment network connectivity, ATM managed services, card issuance and management services, POS services, fraud management and other services to credit unions, banks and independent sales organizations in Canada.
“We have had a limited presence in Canada,” CO-OP President and CEO Stan Hollen (pictured), said. “The acquisition of an interest in Everlink enables us to expand our network to clients throughout North America. In fact, we see this investment as a foundation step to a comprehensive North America-wide network and processing solution for credit unions, making it even more convenient for members in both Canada and the U.S. to use ATMs and their debit cards.”
He added, “CO-OP's purchase of FIS' position in Everlink helps ensure that this valuable asset to the credit union movement remains within the industry's ownership. We foresee inviting other Canadian cooperatives into ownership participation of Everlink to further contribute to the growth of our movement and offer consumers the best option among competing financial institutions.”
After the deal closes, Everlink will have two shareholders: CO-OP and Calgary-based Celero Solutions, which provides IT solutions to credit unions and other financial services organizations in Canada.
The country has approximately 700 credit unions and caisse populaires with more than 10 million members, the organizations said.
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