First Data Corporation Announces Plans to Acquire VIGO
Madison - First Data Corporation, a leading
provider of electronic commerce and payment
solutions for businesses and consumers worldwide,
and owner of a family of remittance companies,
including Western Union and Orlandi Valuta, has
recently announced its plans to acquire VIGO
Remittance Corporation, subject to regulatory
VIGO is one of World Council of Credit Unions,
Inc.'s (WOCCU) strategic partners within its
International Remittance Network (IRnet) program,
which offers remittance services to credit unions
and their members in the U.S. and abroad.
In anticipation of this development, WOCCU met
with VIGO's senior management to discuss the
potential impact of this acquisition on IRnet
credit unions. After the acquisition announcement
was made public, VIGO informed WOCCU of the
- VIGO will continue to operate as an
subsidiary within First Data Corporation's Payment
- VIGO's positioning and marketing strategy is
not expected to change. "VIGO" will continue as a
brand name and, as key elements of the brand, the
price differentiation and exchange rate
disclosures will remain unchanged; and
- Contractual obligations between WOCCU and VIGO
will be transferred along with the purchase and
will be valid under the same terms and
IRnet products & services manager, Pablo
DeFilippi, responded to the announcement stating,
"WOCCU will continue providing an affordable
remittance service alternative to consumers
through its IRnet program and is committed to
working with VIGO's management team after the
acquisition is finalized."
WOCCU has notified all IRnet Program credit unions
of the acquisition and will continue to do so as
additional information becomes available. Any new
information regarding the future of the
relationship will also be posted to WOCCU's
website at www.woccu.org.
For operational questions, please contact Pablo
DeFilippi at pdefilippi@wocc
231-7849 or Tiffany Kultgen at firstname.lastname@example.org
or (608) 231-7486.
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, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.