MADISON, Wis. – CUNA (Credit Union National Association) & Affiliates last week entered into an agreement with the World Council of

Credit Unions, Inc. (WOCCU) and Travelex to make international money remittance services more broadly available to credit unions in the

United States.

The new international money remittance program will operate under the umbrella name “IRnet” which has been licensed by WOCCU to CUNA &

Affiliates for use in the United States. The agreement gives U.S. credit unions the option of using Travelex’s Worldwide Money Remittance

system or the Vigo Remittance service, the service currently used by WOCCU.

“This agreement means U.S. credit unions can provide international money remittances to their members and potential members efficiently

and economically to the consumer,” says CUNA President and CEO Daniel A Mica. “The IRnet name is well-established, so licensing it from

WOCCU gives the program instant name recognition and credibility in the marketplace.”

“Through this agreement, we are combining CUNA’s presence, outreach, and stature with WOCCU’s international experience to help credit

unions throughout the United States serve the growing immigrant and international markets,” says WOCCU President and CEO, Arthur Arnold.

Arnold continued, “International remittances have become an integral part of national and international development. Credit unions are

playing the natural role of trustworthy intermediaries in this $105 billion market”

“We are delighted to be expanding our relationship with CUNA. The Money Transfer business will greatly enhance the portfolio of services

they are providing to members through Travelex.” says Travelex plc Chairman and CEO, Lloyd Dorfman. We are confident that together we will

create a powerful force in the US money transfer market.”

The Travelex Worldwide Money, LTD, program was established in 2000 to provide point-to-point remittances of cash for consumers, using an

agent network. The program utilizes leading-edge Internet-based payment, exchange, and settlement technology. The system manages the instant

transfers of funds, calculates and settles agent commissions and also supports an integrated frequent user program. Travelex has existing

relationships with CUNA and CUNA Network Services (CNS) for the provision and fulfillment of foreign currency exchange services, Visa

Travelers Cheques, Visa Cash Passport, a prepaid stored value card and Phone Cards. Travelex provides these services through its online

solutions “My Travel Wallet” and “Currency Online” as well as through more traditional means (in branch).

Vigo and WOCCU have been working together since July 2000 to make international remittance services available for credit unions around

the world. Vigo has been offering international money transfer services as a bonded, licensed and regulated non-bank financial institution

for nearly 20 years and was the second largest money transmitter to Latin America in 2002.

For more information about providing this service at your credit union, call Shirley Mazanet, Product Manager, at 1-800-356-9655,

extension 4290.