Federal Credit Unions Pilot Remittance Program

DALLAS - Southwest Corporate FCU has launched a pilot remittance program with StarTrust FCU which will allow members of the Houston credit union to open accounts at correspondent financial institutions in Mexico.

The program is a partnership between the Federal Reserve and Banco de Mexico to promote remittances through low-cost ACH transactions.

The Federal Reserve developed the program, called Directo a Mexico, to allow financial institutions to make low-cost money transfers through the Fed’s own ACH channel with Mexican banks.

The cost of an international transaction is just a 67 cents. Once the pilot phase is completed it will be made available to other Southwest Corporate member credit unions.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER