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CU System
WOCCU alliance to broaden remittance services
MADISON, Wis. (11/30/10)--World Council of Credit Unions (WOCCU), through its for-profit subsidiary WOCCU Services Group (WSG), has joined with Pa-Go Mobile Inc. and mFunds Global Payment Solutions Inc. to broaden its delivery of remittance services to Latin America. The partnership is one of nine that WSG maintains through IRnet, its low-cost remittance service linking credit unions in the U.S. to those in eight countries. Initial trials with Pa-Go Mobile and mFunds will focus on remittances originating from the U.S., Mexico and Central America. They later will expand throughout Latin America and other parts of the world. “Since WOCCU began offering remittance services in 2001, we’ve looked for ways to offer lower-priced, transparent and reliable transfer options,” said Saul Wolf, WOCCU manager of remittance services. “The mobile, card and online solutions offered by mFunds and Pa-Go Mobile will provide significant value to our international credit union partners as well as their members.” In addition to their flexibility, Pa-Go Mobile and mFunds will offer access to services that many immigrants working in the U.S. already use. Transactions through these networks are more convenient and less expensive than the current agent-based money transmitter firms that dominate the market, WOCCU said. “This agreement will expand the reach of mFunds and Pa-Go Mobile’s bundled solution of prepaid cards, mobile and online infrastructure to deliver financial services to a much broader range of users, and at a far better price,” said Don Barbacovi, mFunds CEO. Since 2001, affiliates in nine countries have transferred roughly $3.5 billion in remittances, making IRnet one of the world’s largest non-bank remittance networks, WOCCU said. For 2010, WOCCU expects to top $500 million in remitted funds. “This is a step in the right direction for us, allowing our users to gain access to what will translate to more competitively priced remittances, which will now be in the palms of their hands, on their mobile phones,” said Tony Zaragoza, Pa-Go Mobile’s executive vice president.
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