Co-op Financial Services acquires minority stake in Finivation

28 August 2013

Co-op Financial Services has become a minority stakeholder in Finivation, strengthening the existing technical relationship between the two for web and mobile application development.

Stan Hollen, president and chief executive officer of Co-op Financial Services said the company is investing in Finivation in order to bring more convenient services to its members, allowing them to do efficient business with their credit unions.

"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," he noted.

Finivation has previously played a role in the development of the Credit Union Financial Exchange, an open standard for efficient systems integration in the credit union ecosystem.

The goal of CUFX, which was launched in 2012, is to reduce the time required for systems integration so credit unions can quickly launch new solutions for their members.

As a result of the stake acquisition, the Co-op intends to fully support CUFX for information exchange.

By Asim Shah

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