ARLINGTON, Va. -- NAFCU Services Corporation recently announced new partnerships to aid member credit unions with foreign currency exchange and collections.

eZforex.com has been named an NSC Preferred Partner for outsourced foreign exchange services, providing a turn-key system that allows any credit union to offer convenient international payments and foreign currency purchases to their members with next-day delivery.

"Few credit unions have a sufficient volume of foreign currency transactions to justify the expense of creating and staffing an in-house infrastructure," NSC President David Frankil said. "As a result, many are forced to send members to other financial institutions for these services. eZforex allows credit unions to have an instant infrastructure with no up-front cost, and also generate non-interest income with a revenue-sharing model based on transactions."

eZforex.com, Inc. CEO Evan Shelan explained, "We're able to get a credit union up and running literally within a day, and we've seen transactions occur right away. Whether the member is getting ready for a vacation overseas, is a business traveler, or a foreign exchange student, we've found that there is substantial latent demand for this service in practically every credit union."

State Department Federal Credit Union touted the company's product.

Additionally, NSC signed on Hudson & Keyse, LLC, for purchasing charged-off debt, resulting in immediate expense reductions for accounts that would otherwise be written off as bad debt.

Frankil said many credit unions work with debt collectors on a contingent basis, which is unsuccessful much of the time. "Hudson & Keyse will purchase charged-off debt, allowing credit unions to immediately realize a return from bad debt without significant transaction costs," he stated.

"As part of our partnership with NAFCU Services, we'll work with credit unions to help identify the optimum value of their charged-off debt," Tony L'Abbate, Hudson & Keyse's senior vice president for acquisitions, added. "We're also developing a new Bid Assessment Tool that will allow collections managers to model and value their portfolio right from their own desktop, and submit it for a bid from Hudson & Keyse." --scooke@cutimes.com

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eZforex.com and Hudson & Keyse, LLC Latest NSC Partners

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