PLANO, Texas – Southwest Corporate ACH originators now have the ability to send electronic credits to Canada, Germany and the United Kingdom, as well as electronic debits to Canada.
The credit union's cost to send the payment is nominal, particularly in comparison to wire transfer fees. No fees are deducted from the payment in the receiving country, and transactions settle within two business days.
Using an international screen in Southwest Corporate's ACH system, credit unions originate payments, which are transmitted to the Federal Reserve Bank in the same file as domestic transactions. The Fed sends the items to its partner in the receiving country, where they are converted to the local currency and transmitted to the receiving financial institution. Transactions are originated in U.S. dollars and settled in U.S. dollars.
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Southwest said its member institutions are facing pressures to provide affordable remittance services from members serving overseas in the military, companies with foreign offices, and immigrants who send money back home.
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