Cooperative Bank of Puerto Rico

What Cooperative Bank of Puerto Rico does

Banco Cooperativo de Puerto Rico (BanCoop) is the central cooperative bank serving Puerto Rico's credit union movement, created by Law 88 in 1966, incorporated in 1971, and commencing operations in 1974 with $1,000,000 in initial capital. Headquartered in Hato Rey (San Juan), BanCoop operates as a cooperative financial institution regulated by the Comisionado de Instituciones Financieras (NMLS #839984) and is owned by its member credit unions rather than public shareholders. The bank does not compete with affiliated Cooperativas de Ahorro y Crédito; instead, it provides them with centralized banking infrastructure and products that individual credit unions could not efficiently build independently.

BanCoop's product portfolio is organized into three layers. Credit products include collateralized and uncollateralized lines of credit, secured commercial loans, mortgage origination programs, and lease financing for equipment and technology. Payment card services—delivered as a principal member of both Visa and MasterCard—include standard credit/debit cards plus demographic-targeted variants (MasterCard Universitaria for ages 18-25, Zona Card for Gen Z aged 16-25). Institutional services encompass Check 21-compliant processing through BanCoop Check Services, Web Deposit (electronic capture), Coop Image Access, Coop Image Returns, and Coop Image Vault; electronic inter-bank transfers; monetary instrument sales (money orders, cashier's checks, traveler's checks); and government service processing (vehicle tags and IVU tax forms). The Coop24 shared ATM network spans 311 machines across Puerto Rico following the 2013 Sharenet alliance.

Revenue derives primarily from transaction fees (card interchange, check processing, electronic transfers, monetary instruments), recurring account relationships (corporate checking, reinvestment accounts, time deposits), and lending spreads on credit lines and loan portfolios purchased from member credit unions. Distribution is exclusively through 85+ affiliated credit unions that reach end consumers across Puerto Rico's 78 municipalities, supported by the Coop24 mobile application and BanCoop Web Apps for online banking. The bank is led by President & CEO Johnny A. Pérez Crespo and Board President Michele Franqui Baquero, with a management team spanning credit, finance, compliance, electronic banking, and operations.

Name

Cooperative Bank of Puerto Rico

Legal name

Banco Cooperativo de Puerto Rico

Website

https://bancoop.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

51–100 employees

Short description

Banco Cooperativo de Puerto Rico (BanCoop) is the central cooperative bank serving 85+ affiliated Cooperativas de Ahorro y Crédito across Puerto Rico. It provides credit products, Visa/MasterCard card services, Check 21 imaging, electronic transfers, and the 311-ATM Coop24 network exclusively through its member credit unions.

Ownership category

akta.pro rank

Product category

Cooperative Wholesale Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (52221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

Keywords

• Cooperative banking services
• Credit union lending
• Wholesale banking products
• Card issuance services
• Check processing solutions

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Credit Products and Lending Services: BanCoop provides credit lines (collateralized, cash, real estate, unsecured), commercial loans, leasing for equipment and technology financing, and special programs for purchasing loan portfolios to affiliated credit unions.
2. Card Services (Credit and Debit): As a principal member of Visa and MasterCard, BanCoop provides credit and debit card issuance and acquisition services to credit unions. Revenue generated through transaction fees and interchange from MasterCard and Visa card programs.
3. Check Processing Services: Electronic check processing services including BanCoop Check Services, BanCoop Web Deposit, Coop Image Access, Coop Image Returns, and Coop Image Vault for regulatory Check 21 compliance.
4. Corporate Current Account and Investment Products: Corporate checking accounts, reinvestment accounts, time deposits, certificates of deposit, and regular/super savings accounts for credit unions.
5. Monetary Instruments Program: Sale of money orders, cashier's checks, occasional checks, and traveler's checks to credit unions through strategic alliances.
6. Vehicle Tags and IVU Forms Program: Processing of vehicle tag purchases and IVU (Use Tax) form filings through agreements with the Department of Public Works and Treasury Department.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Banco Cooperativo de Puerto Rico (BanCoop) is a wholesale cooperative bank that provides centralized financial services exclusively to affiliated Cooperativas de Ahorro y Crédito (credit unions) across Puerto Rico. Its offering spans credit lines, commercial loans, leasing and mortgage programs; Visa and MasterCard credit and debit card issuance and acquiring services; electronic check processing and Check 21 compliance tools; Coop24 ATM network access; electronic transfers; monetary instruments; and government-related payment processing (vehicle tags and IVU tax forms). BanCoop does not compete with its member credit unions but supports them with shared infrastructure, technology, and back-office services so the credit unions can better serve their end consumers.

Product overview

Banco Cooperativo de Puerto Rico (BanCoop) operates as a cooperative bank serving affiliated Credit Unions across Puerto Rico. The product portfolio consists of core banking services organized into credit products (commercial loans, mortgage origination, credit lines, and lease financing), financial products (corporate checking accounts, reinvestment accounts with various deposit options, and cash fund services), and payment cards (MasterCard and Visa credit cards including specialized cards for university students and Generation Z youth). The bank provides institutional services including check processing through its BanCoop Check Services suite (Web Deposit, Image Access, Image Returns, Image Vault), electronic transfer programs, and monetary instrument sales. The Coop24 ATM network enables fee-free transactions across over 200 ATMs island-wide, with mobile banking applications for account access and ATM locator services.

Differentiator

Problem solved

Functional benefit

Brands

• Coop24: ATM network for cooperative members enabling fee-free transactions across Puerto Rico.
• Zona Card
• BanCoop MasterCard® Universitaria
• BanCoop Check Services
• BanCoop Web Deposit
• Coop Image Access
• Coop Image Returns
• Coop Image Vault

Products and services

• BanCoop Web Apps Online banking application providing affiliated credit unions access to account management, balance inquiries, and transaction history through a web-based platform.
• BanCoop Web Deposit Electronic deposit service enabling credit unions to capture and transmit check deposit images to BanCoop digitally via scanner, maximizing operational fund management and accelerating collection processes.
• BanCoop Check Services Comprehensive check processing solution supporting both physical and electronic formats through images, including electronic check images, statement preparation file production, and internet banking system linking.
• Coop Image Access Internet-based access to a central image repository enabling credit unions to query checks drawn by members and clients, with options for printing, electronic file creation, and image linking for online banking applications.
• Coop Image Returns Complete electronic solution for processing check returns, combining options for efficient handling of returns originated by the credit union and those received from other financial institutions.
• Coop Image Vault Electronic access capability for credit unions to retrieve images of checks deposited through the BanCoop WebDeposit module, enabling research and investigation queries while eliminating the need to digitize, microfilm, or photocopy checks.
• Electronic Transfer Program Electronic transfer program enabling credit unions to transfer member funds electronically to other financial institutions within and outside Puerto Rico.
• Monetary Instruments Sales Program Program providing money orders, manager's checks, special occasion checks, and traveler's checks to credit unions through strategic alliances with prestigious companies.
• Vehicle Tags and IVU Forms Program Program enabling credit unions to process motor vehicle registration (marbetes) purchases and IVU tax form filings through agreements with the Department of Public Works and the Department of Treasury.
• Corporate Current Account Operational checking account allowing credit unions to conduct all deposit and withdrawal transactions for daily operations, with reduced dependence on commercial banking and competitive cost structure.
• Reinvestment Accounts Investment accounts providing mechanisms for adequate fund management and higher returns through options including Time Deposits (7, 14, or 21 days), Tecno Cuenta, Certificates of Deposit, and Regular and Super Savings accounts.
• Fondo de Cambio (Cash Fund Service) Cash fund service providing credit unions with daily cash deliveries via armored trucks for their daily operations, available to all credit unions with operational accounts at BanCoop.
• Coop24 ATM Network ATM network alliance among credit unions enabling members and clients to conduct transactions at no cost, operating 311 ATMs across Puerto Rico including Walgreens pharmacy locations.
• BanCoop Debit Card Debit card providing credit union members and clients with agile access to their funds, accepted as the preferred payment method for purchases and services.
• Cirrus Network Access International ATM access through MasterCard's Cirrus network, enabling credit union members and clients to use their debit cards at ATMs worldwide.
• Visa / MasterCard Credit Card Program Credit card issuing and acquiring services through Visa and MasterCard networks, available in Regular and Gold categories for credit union members and clients.
• BanCoop MasterCard Universitaria MasterCard credit card designed for university students aged 18-25 who are members of credit unions, featuring unique design, attractive annual interest rate, and cash advances. Under-21 applicants require parental consent.
• BanCoop Zona Card MasterCard debit card for young people aged 16-25 (Generation Z), accepted worldwide at millions of establishments and ATMs, featuring a black design with moving rings representing cooperative values.
• Coop24 Mobile Application Mobile application for iOS and Android devices enabling users to locate affiliated credit unions geographically and find Coop24 network ATMs.
• Credit Lines Program Credit lines including collateralized, cash, real estate, and uncollateralized (Cash Window) options offered to affiliated credit unions.
• Commercial Loans Program Secured commercial loans backed by real estate and other personal property, offered to credit unions through BanCoop's lending programs.
• Mortgage Origination Program Mortgage loan origination program enabling credit unions to offer residential mortgage products to their members.
• Equipment and Technology Leasing Lease financing for equipment and technology purchases, available through BanCoop's special programs for credit unions.

Quantifiable outcome

• Dividend of $1.7 million distributed to credit union members in 2013
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• SharenetcoreTechnology or Integration · 1 January 2013Strategic alliance between Coop24 and Sharenet adding 82 ATMs to the Coop24 network. ATMs are located in Walgreens pharmacies and shopping centers across Puerto Rico, expanding free transaction access to 311 total ATMs.
• Instituto de Cooperativismo de la Universidad de Puerto RicocoreStrategic or Co-development Partner · 1 January 2013Partnership to support youth entrepreneurial cooperative initiatives, coinciding with the Institute's 60th anniversary. First initiative under 'Juventud Empresarial Cooperativista: Abriendo caminos a una nueva generación' project.
• MasterCardcoreTechnology or IntegrationBanCoop is a principal member of MasterCard, providing credit and debit card issuance and acquisition services to affiliated Cooperativas. Products include Regular and Gold category cards, MasterCard Universitaria for university students, and Zona Card for Generation Z youth.
• VisacoreTechnology or IntegrationBanCoop is a principal member of Visa, providing card services infrastructure for credit unions to offer Visa credit and debit products to their members.
• Departamento de Obras PúblicasminorStrategic or Co-development PartnerAgreement with Department of Public Works to process vehicle tag (marbetes) purchases at participating Cooperativas de Ahorro y Crédito.
• Departamento de HaciendaminorStrategic or Co-development PartnerAgreement with Treasury Department to process IVU (Use Tax) form filings at participating Cooperativas de Ahorro y Crédito.

Scale indicators6 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Fiserv: Fiserv is a major financial technology provider offering core processing, card services, and digital banking to banks and credit unions globally. Larger incumbent in the same depository-institution technology and processing space.
• Jack Henry & Associates: Jack Henry provides core banking technology, card processing, and digital solutions to community banks and credit unions. Broader incumbent in the same technology-and-services-to-depository-institutions space where BanCoop operates.

Regional players

• FirstBank Puerto Rico: FirstBank is a major Puerto Rico commercial bank serving retail and commercial clients. Same geography with overlapping products (cards, deposits, lending), but competes for retail customers rather than serving credit unions.
• Banco Popular de Puerto Rico: Banco Popular is the largest commercial bank in Puerto Rico, operating full-service retail and commercial banking. Same geographic market and broad financial services overlap, though not a cooperative structure.

Direct peers

• Corporate Central Credit Union: Corporate Central is a corporate credit union serving member credit unions with liquidity, lending, and correspondent services. Operates a similar cooperative-to-cooperative banking model to BanCoop, though at larger scale in the US Midwest.
• Alloya Corporate Federal Credit Union: Alloya is a corporate credit union providing investment, lending, and payment services to natural-person credit unions. Directly comparable to BanCoop's wholesale banking model serving affiliated retail credit unions.
• Velera (formerly PSCU): Velera is a CUSO providing credit and debit card processing, digital banking, and analytics to credit unions. Comparable to BanCoop's role as a Visa/MasterCard principal member and card issuance/acquiring services provider to its affiliated credit unions.
• CO-OP Financial Services: CO-OP is a credit union service organization (CUSO) providing shared branching, ATM networks, card processing, and digital services to thousands of US credit unions. Directly comparable to BanCoop in its role as a centralized infrastructure provider for credit unions.

Emerging players

• Borinquen Community Federal Credit Union: Borinquen Community Federal Credit Union is a Puerto Rico-based credit union that is a customer of BanCoop's services. Represents the customer-segment perspective within the same cooperative ecosystem.

Others

• CUNA Mutual Group / TruStage: CUNA Mutual / TruStage provides insurance, lending, and investment products to credit unions and their members. An ecosystem player in the cooperative financial services space with adjacency to BanCoop's role supporting credit unions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/bancooppr

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cooperative Bank of Puerto Rico