DALLAS - (06/01/06) -- Southwest Corporate FCU has launcheda pilot remittance program with StarTrust FCU which will allowmembers of the Houston credit union to open accounts atcorrespondent financial institutions in Mexico. The program is apartnership between the Federal Reserve and Banco de Mexico topromote remittances through low-cost ACH transactions. The FederalReserve developed the program, called Directo a Mexico, to allowfinancial institutions to make low-cost money transfers through theFeds own ACH channel with Mexican banks. The cost of aninternational transaction is just a 67 cents. Once the pilot phaseis completed it will be made available to other Southwest Corporatemember credit unions.
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