TUKWILA, Wash.– BECU has renewed its 14-year partnership with CO-OP Financial Services. The company said the decision allows the CU to leverage CO-OP’s integrated ecosystem to enable fast, convenient and secure payment experiences for members.
“Partnering with CO-OP helps support BECU’s goals of improving our member experiences and ultimately making it easier for our members to access their accounts,” said Doug Marshall, EVP, chief digital and product officer for BECU. “Through a deep commitment to the credit union industry, its technology platform and knowledgeable resources, CO-OP has demonstrated its ability to serve as a strategic partner for BECU as we develop plans for the future.”
CO-OP said BECU will continue its signature and PIN debit processing, fraud and risk management, and ATM terminal driving with. In addition, the credit union participates in CO-OP ATM network, with more than 30,000 fee-free ATMs throughout the country.
‘Tightly Integrated’
“These services are tightly integrated within the CO-OP ecosystem to help BECU engage with and protect their members in their daily, multiple payment experiences,” the CUSO said.
“The traditional credit union model of interest income on lending for life-stage events, such as buying a house, is under pressure through declining volumes and margins, according to CUNA and NCUA data,” CO-OP continued. “However, credit unions have the opportunity to change that trajectory by building non-interest income and interchange through payments. Consumers continue to transact at a growing rate, with a November 2020 study by Statista Digital Market Outlook projecting a 14.6% compound annual growth rate over the next five years in U.S. digital payments.”
‘Well-Positioned’
“BECU is seeking to be well-positioned to capture more member moments through payments transactions,” said Matt Kardell, chief revenue officer for CO-OP. “We are proud to partner with them to provide the platform they need to solidify primary financial relationships, so that BECU can grow their business and contribute to the financial well-being of their members.”
The $26.8-billion BECU has more than 1.3-million members.