WOCCU Reassured After Acquisition
The World Council of Credit Unions (WOCCU) said it has been reassured by First Data Corp., which plans to acquire VIGO Remittance Corp., WOCCU's partner in its International Remittance Network (IRnet), that it will continue to operate VIGO as an independent subsidiary.
The acquisition has created an odd partnership, because First Data also owns Western Union, whose higher fees on international remittances were one of the big reasons IRnet was launched.
The World Council said First Data has informed it that VIGO's positioning and marketing strategy is not expected to change. "VIGO" will continue as a brand name and, as key elements of the brand, the price differentiation and exchange rate disclosures will remain unchanged, WOCCU said.
Contractual obligations between WOCCU and VIGO will be transferred along with the purchase and will be valid under their same terms and conditions.
Pablo DeFilippi, IRnet products & services manager, said, "World Council will continue to provide low-cost remittances through IRnet to credit union members around the world."