Shared Branching Spreads to Ecuador

MADISON, Wis. – Could shared branching eventually spread around the world? Certainly the World Council for Credit Unions believes it could and is working to help develop the idea. Recently, 12 credit unions in Ecuador have banded together and created the country’s first shared branching network, according to WOCCU, which supported the project along with the U.S. Agency for International Development. The service began on April 8 with only domestic transactions, but eventually organizers hope to establish connections between Redcoop, as the Ecuadorian network is called, and existing U.S. shared branching networks. “By providing more numerous points of service that are closer and easier for individuals to use, credit unions in Ecuador are helping their membership to grow and increase profitability,” stated L.R. Bobby McVeigh, chairman of WOCCU, during remarks at press conference in Quito, Ecuador, called to promote the opening. “By working together to share resources, credit unions greatly improve their service to members. Redcoop is an excellent example of the benefits of cooperation.” McVeigh added