The World Council of Credit Unions has teamed up with Palo Alto, Calif.-based Boom Financial, a company providing mobile banking and money transfer services to immigrant and unbanked families, in order to bring more business to credit unions in developing countries, Boom Financial announced.
The World Council, the global trade association and development agency for 51,000 credit unions that serve 196 million people around the world, will act as a broker and technical consultant solution for Boom, enabling the company to expand its reach into new countries, Boom said.
Boom customers use the company’s technology to set up bank accounts and transfer money to individuals abroad, and through the partnership, money transfer recipients will be directed to local credit union branches to retrieve their money, the company explained.
The partnership also allows credit unions in developing countries to market other products to unbanked individuals once they visit a branch to retrieve their funds via Boom, according to the company.
“Boom Financial shares World Council’s vision of expanding financial inclusion through mobile technology and has the resources and people necessary to make it happen,” said Brian Branch, president/CEO for the World Council in Madison, Wis. “We look forward to growing our partnership with Boom Financial to reach an even wider global community.”
Added Bill Barhydt, CEO for Boom, “Boom Financial and the World Council share common values and a deep passion to provide financial access to all. By partnering with a trusted leader with a global reach, Boom further entrenches itself as the leader in this new category of cross-border mobile banking. Combining Boom’s mobile banking infrastructure with the council’s decades of experience in providing high-quality international financial services will become a key component of Boom’s scaling strategy.”