| Legislative Affairs | Political Affairs | Compliance | Regulatory Advocacy | |
| Training | Products & Services | Research & Statistics | Strategic Services | Consumer Information |
Press Room
CUNA/WOCCU Provide More Options for International Remittances
May 27, 2003
Contact:
Shirley Mazanet – CUNA
(800) 356-9655, ext. 4290
smazanet@cuna.coop
Tom Tucker – Travelex
(610) 524-2157
tom.tucker@travelexamericas.com
David Grace - WOCCU
(608) 231-8494
dgrace@woccu.org
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.
CUNA, with its network of affiliated state credit union leagues, serves more than 90% of America’s 10,000 credit unions, which are owned by more than 80 million consumer members. Credit unions are not-for-profit cooperatives where people are worth more than money. For more information, visit www.cuna.org.
Travelex is the world’s largest foreign exchange specialist, with 664 retail branches at key airport, seaport and rail locations, in addition to tourist and business centers around the world. Around 40% of the world’s airline passengers, over 1.3 billion people, pass through airports at which Travelex is the retail foreign exchange provider, including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.
The Group is one of the world’s leading providers of outsourced travel money to banks, travel agencies and other financial institutions. Travelex is the world’s largest non-bank provider of commercial foreign exchange services, the world’s second largest issuer of Travelers Cheques and the largest provider of Visa branded Travelers Cheques globally. Following its $680 million acquisition of Thomas Cook Global and Financial Services in November 2000, Travelex acquired the rights for use of the Thomas Cook Global & Financial Services brand for up to five years.
World Council is the apex trade association and development organization of the international credit union system. It promotes the sustainable growth of credit unions and financial cooperatives across the globe. As instruments of economic and social development, World Council, its regional confederations, and national member organizations in 79 countries with 40,000 member credit union serve more than 118 million people worldwide.
Copyright © 2008 - Credit Union National Association, Inc.