MADISON, Wis.—The Worldwide Foundation for Credit Unions joined with its partners in Asia to demonstrate a real-time, interoperable payment system for credit unions during live events in The Philippines and Indonesia.
According to the World Council of Credit Unions, the events represent the next step for the Worldwide Foundation's Interoperable Digital Financial Systems for Credit Unions’ Project. The one-year planning-phase project has established a foundation for an interoperable, open-loop, low-cost, real-time payment platform for World Council of Credit Unions' (WOCCU) network of credit unions across Asia.
WOCCU has partnered on the project with the Association of Asian Confederation of Credit Unions (ACCU), Credit Union Central of Indonesia (CUCO), National Confederation of Cooperatives (NATCCO) and Philippines Federation of Credit Cooperatives (PFCCO).
WOCCU said the live events featured demonstrations of how a real-time, interoperable payment system could allow credit unions to perform, including:
- Peer-to-peer transfers
- QR-code-based merchant payments
- Customer on-boarding/registration
“The goal is to use this live demonstration event as a bridge to the next phase of this project—where we plan to pave the way for the global digitization of credit unions, starting with an interoperable digital payment system for Asia,” said Megan O’Donnell, WOCCU vice president of financial inclusion.