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WASHINGTON-CUNA entered into an agreement with the World Council of Credit Unions and Travelex recently to broaden the availability of international money remittance services for credit unions. The new program will operate under IRnet-the International Remittance Network-which has been licensed to CUNA by WOCCU. Under the agreement, credit unions can employ either Travelex or WOCCU’s current service, Vigo Remittance. “International remittances have become an integral part of national and international development. Credit unions are playing the natural role of trustworthy intermediaries in this $105 billion market,” WOCCU President and CEO Arthur Arnold commented. The Travelex Worldwide Money, LTD, program was established in 2000 to provide point-to-point remittances of cash for consumers using an agent network. The system uses cutting-edge technology to manage instant funds transfers and calculate and settle agent commissions and also supports an integrated frequent user program.

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