Credit Union Transactions Cross Borders

This report describes the partnership between two credit unions that share branch networks in different countries.

The partnership enables Ecuadorians in the U.S. to conduct business with credit unions in their home country, and vice versa. The report states that:

• World Council of Credit Unions (WOCCU) in Ecuador partnered with CO-OP Shared Branching to connect credit union members in the U.S. and Ecuador;
• WOCCU and CO-OP Shared Branching formed a new network called COONECTA;
• CO-OP Shared Branching offers credit union members convenient access to their accounts at multiple locations;
• CO-OP Shared Branching’s proprietary technology, the Next Generation Network, offers credit unions enhanced functionality and greater information capacity at a lower cost;
• Next Generation Network makes it possible for more credit unions to offer shared branching to their members.

CONECTA was the starting point for 13 Ecuadorian credit unions with 154 points of service to connect with nearly 3,000 contact points supported by credit unions in the U.S. Credit unions can offer greater convenience for members in both countries by sharing facilities.