Credit unions often find it difficult to provide international payment services to their members, the demand for international drafts, wires, international ACH and encashment of foreign receipts grows daily as global trade becomes an increasingly important part of business for companies and individuals.
The reason so few credit unions offer this service is simple. The cost of establishing proprietary programs is prohibitive unless supported by large volumes of transactions. Further, expertise is essential to succeed in the ever-changing world of currency markets, and thus providing such services falls outside the core competencies of most credit unions.
As the need for these international services grows, so does the likelihood that members don't think of their credit unions as the place to go to acquire these services. And that is the first step in losing a member. Competitors, usually large national and regional banks who tend to provide international payment services may soon see if there are other services they can offer your once loyal members.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
