The World Council of Credit Unions has teamed up with Palo Alto, Calif.-based Boom Financial, a company providing mobile banking and money transfer services to immigrant and unbanked families, in order to bring more business to credit unions in developing countries, Boom Financial announced.
The World Council, the global trade association and development agency for 51,000 credit unions that serve 196 million people around the world, will act as a broker and technical consultant solution for Boom, enabling the company to expand its reach into new countries, Boom said.
Boom customers use the company's technology to set up bank accounts and transfer money to individuals abroad, and through the partnership, money transfer recipients will be directed to local credit union branches to retrieve their money, the company explained.
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