US Federal CU Signs-up for WOCCU's IRnet
L-R: (seated) Arthur Arnold, WOCCU president and CEO; and USFCU president/CEO, Bill Raker sign IRNet documentation, as (standing) Brian Branch, WOCCU COO and Greg Berry, vice president of USFCU Research and Development Greg Berry look on.
Madison, WI—Last week US Federal Credit Union
signed-up for World Council of Credit Unions'
IRnet, the International Remittance Network. US
Federal has become the 227th credit union in the
United States and the 2nd in Minnesota, to
provide affordable remittance services to members
and the community. World Council created the
International Remittance Network over four years
ago to lower the outrageously high cost for
immigrant workers to make remittances to their
families back home.
"Last year, more than 400,000 remittance were
made through IRnet. On average, at least using
IRnet saved $10.00 per transaction. That's $4
million in the pockets of the people on the
receiving end. That's "real" development money,
reaching for 100% the people that need it most,"
concluded WOCCU's president & CEO, Arthur Arnold!
William Raker, US Federal president and CEO
explained, "We feel that there is a great need
for IRnet, especially because our credit union is
becoming much more global in our outreach. We
have immigrant members that need a convenient,
effective and economical way to send
remittances. Providing products like IRnet is
why credit unions exist."
US Federal has identified underserved areas in
four of their branches. Minneapolis will just be
the first branch where we will be offering
USFCU Network Telecom Manager Jon Hallberg and Senior Vice President/Chief Technology Officer Joanne Johnson answer questions about the credit union's operating systems.
US Federal Credit Union currently serves
members through 12 retail branches. It has $520
million in assets and is adding 4 underserved
groups to its fields of membership. Chartered in
1925, US Federal is the oldest credit union in
Minnesota and serves members in 38 states. US
Federal serves members in the Twin Cities,
Atlanta and Memphis.
In a recent Washington Post article experts
noted, "Improving the formal financial sector
will bring millions of people into the banking
system. The "unbanked," as people without bank
accounts are called, have fewer opportunities for
economic development. Reforming alternative
remittance systems is not just a powerful law
enforcement strategy; it is a way to improve the
lives of millions of vulnerable people around the
During a signing ceremony an agreement between
World Council and US Federal
Credit Union was signed for IRnet services. At
the conclusion of the ceremony a Paraguay credit
union delegation that was visiting Minnesota's
credit unions received a closer look at computer
software, hardware and learned how the main
office of US Federal Credit Union is connected to
Raker concluded, "We were delighted that we
be involved in the Paraguay exchange and
that Mr. Arnold and Mr. Branch were able to be at
the IRnet signing."
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.