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CU System
CU 24 hosts Costa Rican delegates for EFT Roundtable
TALLAHASSEE, Fla. (9/22/09)--Credit Union 24, a credit union-owned ATM and point-of-sale (POS) network, is collaborating with delegates from the World Council of Credit Unions (WOCCU) to share best practices and develop effective electronic funds transfer (EFT) strategies within the Costa Rican market. “We explored many issues within the EFT arena, all of which resulted in both parties learning valuable information and best practices,” said Jaime Castro, CEO of Coopeorotina, based in Costa Rica. “Credit Union 24 is an expert in this industry and has member touchpoints throughout the world in the form of ATMs and POS locations. “The organization has extensive experience that we can hopefully share with all of our credit unions in Costa Rica and implement similar solutions,” Castro added. While ATMs are common in Costa Rica and throughout Latin America, POS is in the beginning stages of infrastructure development. Topics at the initial meeting between Credit Union 24 and Costa Rican delegates included POS processor and merchant relations, POS interchange income and interchange income models, the current EFT landscape in Costa Rica, and fee-free ATM terminals and POS locations. “Credit unions around the world are experiencing very similar opportunities and challenges as countries’ economies become more dependent on each other, presenting the chance for all of us to learn from each other,” said Jim Park, president/CEO of Credit Union 24. “The credit union-owned Credit Union 24 network offers services that are not yet introduced in Costa Rica, so we are thrilled and honored to collaborate and create an open forum to discuss these topics.” WOCCU delegates who attended the first collaborative meeting at Credit Union 24’s headquarters Aug. 18, included: Jaime Castro, CEO of Coopeorotina; and Alvaro Vargas, chief of manager compliance; Milton Sancho, information technology manager; and Carlos Zamora, marketing manager, all from Coopenae in Costa Rica.
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