Remittances through IRnet cost $10 for any amount less than $1,000, a substantial discount from Western Union, even though the remittance leader has been cutting prices lately. Credit unions only make a nominal amount on each transaction, DeFilippi said, and IRnet encourages credit union members to focus on the membership and cross-selling opportunities the remittance purchasers represent. "We view remittances primarily as an opportunity for credit union growth and to reach out to the underserved," DeFilippi said, "and not as much as a source of income directly for the credit union."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • 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.
NOT FOR REPRINT

© 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.