Members United Corporate Federal Credit Union, a $9 billion corporate credit union based in Warrenville, Ill. that provides correspondent services to 20% of U.S. credit unions, is shifting to a new global payments service from Travelex. By aggregating volume from many credit unions, Members United can get a better deal for its clients, according to Kevin Brauer, SVP, member relations, who spoke to us Friday about the new service.
Members United built an electronic interface to Travelex's system that it calls Premier View, that lets credit unions enter in their international wire information and Members United pass it along to Travelex for execution. "It was a fairly big project, there are a lot of rules that go along with international wires, making sure you capture all the information and provide the necessary security," Brauer says. The interface took about four months to build and integrate to Travelex's platform. It went live in late June and was in a trial phase until today. The credit union's previous provider did not allow Members United to create its own front end; competing offerings had fewer geographical locations, Brauer says.
The new service will allow Member United's credit union customers to use local currencies for international payments, so that they don't have to cope with foreign currency exchange rates.