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.