CO-OP Flicks The Switch On International Shared Branching

QUITO, Ecuador – Carrol Beach, president of CO-OP Shared Branching, exclaimed “Exito” for “success” yesterday, as he deposited $20 into his account at Westerra CU in Denver through a teller at Cooprogreso CU, signaling the first international shared branching transaction.Then to emphasize the landmark, Laura Pizzarelli, senior vice president of CO-OP Shared Branching, withdrew $30 at the same Ecuador teller’s window form her account at Hudson Valley FCU, in Poughkeepsie, N.Y.The transactions signaled the opening of the international network to Ecuadorians living and working in the U.S. Currently 13 Ecuadorian credit unions with 154 contact points will connect with almost 3,000 contact points at U.S. credit unions.The new network, called COONECTA, is a collaboration between the CO-OP Shared Branching, a subsidiary of CO-OP Financial Services, the World Council of CUs, Red Transaccional Coopertiva in Ecuador.