CUSC and WOCCU Join Forces to Expand Shared Branching Internationally
l-r: Carroll Beach, president/CEO, CUSC and Brian Branch, World Council vice president and COO meet at CUSC headquarters to talk about alliance.
Atlanta, GA & Madison, WI (January 15, 2004)
Credit Union Service Corporation (CUSC) and the
World Council of Credit Unions, Inc. (WOCCU)
announce an alliance that will allow the two
organizations to investigate and work towards
offering shared branching to serve credit unions
in countries outside the United States.
CUSC and WOCCU have initially committed to
establishing a pilot project of shared branching
services between the United States and Ecuador.
Ten to twenty pilot Ecuador credit unions will be
chosen to participate and aid in the development
of procedural standards used to insure future
success of the program in other countries. The
alliance will work to convert the paper-based
shared branching system currently used in the
region to an automatic network that will provide
them with a safe and secure connection to the
Ecuador was chosen as the pilot country in
due to its currency being that of the United
States. Ideally, identical currencies result in
a shorter process of converting monies from one
country to another.
Initial accepted transactions will include
international remittances, ATM, debit card
services and eventually the addition of credit
cards. Program directors expect the system in
Ecuador to be fully functional by the end of
2004, along with a similar system in Mexico.
Other international credit union systems being
also include Kenya, Nicaragua, and the
"The ability to share branches across borders
the next step in the process of
internationalization of credit union services,"
said Brian Branch, WOCCU vice president and chief
operating officer for WOCCU. "World Council's
credit union building programs around the world
have taken the first step: to bring credit
unions from many different environments to the
same level of financial discipline and policy in
order to establish international
mutualization." Branch continued, "World Council
chose the alliance with CUSC because of their
next generation network, which makes development
efforts more cost effective."
CUSC's network has served credit unions
internationally for some time, but they have all
been U.S. based and typically operate on
restricted access. This endeavor will be the
first true shared branching network ever seen
outside of the United States involving foreign-
based credit unions.
"It is a unique opportunity to be able to
a partnership with such a globally prestigious
organization," said Carroll Beach, president/CEO
of CUSC. "As the premiere shared branching
organization, CUSC is excited about the potential
of enhancing our international reach."
Credit Union Service Corporation (CUSC) is the
credit union movement's largest shared branching
network representing 55 percent of all national
locations and 68 percent of credit unions
participating in shared branching. CUSC is the
only shared branching network representing credit
unions, leagues, CUSOs, CUNA and CUNA Mutual.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.
Phone: (608) 395-2000