Live Demonstrations in Indonesia and The Philippines Advance Digital Financial Inclusion Project
WOCCU team demonstrated real-time, interoperable payment system with Asian credit union partners
December 26, 2019
MADISON, Wis.—The Worldwide Foundation for Credit Unions joined its partners in Asia this month to demonstrate a real-time, interoperable payment system for credit unions during live events in The Philippines and Indonesia.
The events represent the next step for the Worldwide Foundation's Interoperable Digital Financial Services for Credit Unions’ Project. The one-year planning-phase project has established a foundation for an interoperable, open-loop, low-cost, real-time payment platform for World Council of Credit Unions' (WOCCU) network of credit unions across Asia.
WOCCU is partnering on the project with the Association of Asian Confederation of Credit Unions (ACCU), Credit Union Central of Indonesia (CUCO), National Confederation of Cooperatives (NATCCO) and Philippines Federation of Credit Cooperatives (PFCCO).
The live events featured demonstrations of how a real-time, interoperable payment system could allow credit unions to perform:
- Peer-to-peer transfers
- QR-code-based merchant payments
- Customer on-boarding/registration
“The goal is to use this live demonstration event as a bridge to the next phase of this project—where we plan to pave the way for the global digitization of credit unions, starting with an interoperable digital payment system for Asia,” said Megan O’Donnell, WOCCU Vice President of Financial Inclusion.
WOCCU partnered with Paysys Global LLC and ModusBox, Inc. on the technical configuration and development of the live demonstration platform.
World Council of Credit Unions is the global trade association and development platform 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 300+ technical assistance programs in 89 countries. Worldwide, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.