BBM25: Visa's Partnership with WOCCU Looks to Boost Cross-Border Payments via Credit Unions...

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Todd Mazurek, Senior Director Community Growth Accelerator Program at Visa, joined us in the Studio Lounge to share the news about how World Council of Credit Unions and Visa are partnering to improve the cross-border remittance member experience.

​Specifically, Todd focused on enhancing the member experience by addressing compliance, fees, and security challenges, emphasizing the importance of credit unions engaging with innovative solutions and partnerships to boost their services and member satisfaction.

Q&A
What is the significance of Visa's collaboration with the World Council of Credit Unions?
Visa's collaboration with the World Council aims to enhance the cross-border payment and remittance experience for members globally, addressing challenges like compliance, fees, and security.
How does Visa Direct improve the remittance process compared to traditional methods?
Visa Direct allows users to send funds instantly from their debit card without needing to visit a physical location, significantly reducing the time and friction involved in traditional remittance methods.
What are the main security concerns associated with cross-border remittances?
Key security concerns include protecting personal information, ensuring the safe transfer of funds, and the risks involved when individuals carry cash to send money.
What advice does Visa offer to credit unions regarding cross-border remittance services?
Visa advises credit unions to engage with innovative tools and insights to simplify the remittance process, while also promoting these services to attract new members and better serve existing ones.
How does the future of stablecoin impact the remittance landscape?
The future of stablecoin is expected to enhance the speed and efficiency of remittances, potentially lowering costs and improving the overall experience for users.
What are the immediate benefits of using Visa Direct for urgent payments?
Visa Direct provides immediate access to funds, which is crucial for urgent payments like rent or medical bills, ensuring that users can meet their financial obligations without delay.

Check it out and let us know your thoughts. And be sure to watch all our Studio Lounge episodes from Filene's big.bright.minds on our episode archive page -- as well as visiting our sponsors who support our conference coverage: Filene, Origence, Abacus, Backbone, and "Despite Impossible" podcast.