CO-OP Financial Services Completes Acquisition of eCom Assets

Posted by Marissa Anema Tuesday, February 07, 2012 11:20:00 AM

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services announced that it has completed the acquisition of the assets of Corporate Network eCom, LLC, including its online and mobile bill pay services, and all employees.

On December 15, 2011, CO-OP Financial Services announced that it had received approval by the NCUA to purchase the assets of eCom, a subsidiary of U.S. Central corporate credit union. At the time, the company expected the purchase to close within 90 days. CO-OP Financial Services was selected by NCUA in a compete bid, required as U.S. Central was placed into conservatorship in March 2009.

“The bill pay services of eCom are a perfect extension of the e-commerce business line of CO-OP Financial Services,” said Stan Hollen, President/CEO of CO-OP. “The transition of eCom services to CO-OP is so complementary that eCom clients will not need to change payment processing platforms. This acquisition will help our clients compete even more effectively in the future against banks in terms of access and convenience services they can offer their members.”

All eCom employees will become employees of CO-OP Financial Services and continue to service eCom online and mobile bill pay clients. The organization, located in Lenexa, Kansas, was founded in 1999 and today more than 750,000 credit union members use its electronic bill payment solutions.

The flagship MemberPayPlus enables members to receive, view, manage and pay all of their bills when they log-on to their credit union’s online banking site. MemberPayPlus is a premium, fully-hosted solution for credit unions looking for a comprehensive member bill pay service, but it is also highly price competitive, a characteristic of all eCom products.

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