MADISON, Wis.-The World Council of Credit Unions (WOCCU) is joining forces with Pa-Go Mobile Inc. and mFunds Global Payment Solutions Inc. to broaden its delivery of cost-effective remittance services to Latin America.
The partnership is one of nine that WOCCU subsidiary WOCCU Services Group (WSG) maintains through IRnet, its international remittance network, which operates in eight countries. According to WOCCU, initial trials with Pa-Go Mobile and mFunds will focus on remittances originating from the U.S., Mexico and Central America, later expanding to other remittance corridors 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 which 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 which dominate the market, WOCCU said.
Since WOCCU established IRnet in 2001 affiliates in nine countries have transferred approximately $3.5 billion in remittances, making it one of the world's largest non-bank remittance networks.