RANCHO CUCAMONGA, Calif., and NEW YORK CO-OP Financial Services said it is becoming a minority owner of Finivation, strengthening an existing technical partnership for Web and mobile application development and the related middleware to efficiently connect hosts and acquirers for emerging CO-OP products.
“CO-OP is investing in the latest solutions and technologies that make it more convenient for members to do business with their credit unions,” said Stan Hollen, president and CEO of CO-OP Financial Services, in a statement. “Developing digital payment channels is essential in today’s market. With Finivation, we can continue to leverage our own technology to rapidly innovate to serve credit unions.”
Finivation has played a key role in the development of the Credit Union Financial Exchange, or CUFX, an open standard for efficient systems integration in the credit union ecosystem. Launched by the CUNA Technology Council in early 2012, the goal of CUFX is to reduce the time required for systems integration so credit unions can quickly launch new solutions for their members. CO-OP said it has long established payments standards for financial transactions switching and settlement in both ATM/POS and shared branching, and intends to fully support CUFX for information exchange.
The two companies said Finivation’s primary role in CO-OP product development will continue to be maximizing efficient connectivity to support emerging product lines and building highly adaptive applications that serve CO-OP’s credit unions and their members. Finivation and CO-OP also will work together to build a middleware solution that will serve technology providers, payment processors and credit unions.
