WOCCU Exec Shares CU Payments Initiative With Global Audience

LONDON­–The Innovate Finance Global Summit 2019 here heard a perspective from an executive with the World Council of Credit Unions, who discussed the joint WOCCU/Asian Confederation of Credit Unions’ (ACCU) interoperable payment initiative connecting credit unions across Asia.

The Summit is an annual event that explores the latest innovations in the fintech sector and attracts dozens of experts from across the world to serve as speakers and panelists. The theme of IFGS 2019 was the value and purpose fintech has to society.

World Council Speaker

Presenting one of the three fintech pilot programs featured in the “Architects of the Age of Interoperability” panel discussion, WOCCU Director of Financial Inclusion Megan O’Donnell shared her insights on how interoperability between digital financial services can be a key tool in delivering needed financial services to the under-banked, the organization reported.

O’Donnell oversees WOCCU’s Interoperable Digital Financial Services for Credit Unions project, which was recently launched in the Philippines and Indonesia. Utilizing a grant from the Bill & Melinda Gates Foundation, WOCCU said the project is in the exploratory design phase—assembling a team of international experts to design an interoperable, open-loop, low-cost, real-time payment platform with the goal of connecting 40-million credit union members to digital financial tools. The goal is to create a system that can eventually be expanded across Asia.

Also on Panel

The panel discussion also featured Sadamoudou Kaba of Mowali—which will offer interoperability to mobile money providers across 22 Sub-Saharan African markets—and Juliet Kiluwa from Financial Sector Deepening Trust, a partner in the recent effort to update the national scheme for cross-platform instant payments in Tanzania. The discussion was moderated by Kosta Peric, Deputy Director of the Financial Services for the Poor program at the Gates Foundation.

“Digital financial inclusion is moving from the conceptual phase to implementation and World Council of Credit Unions is at the forefront of that movement. Being included in a discussion about the future of interoperability at a prestigious event like IFGS 2019 offered WOCCU a great opportunity to inform people about our work in the Philippines and Indonesia—and our goals moving forward,” said O’Donnell.

Section: Standard
Word Count: 465
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: https://www.cutoday.info/THE-globe/WOCCU-Exec-Shares-CU-Payments-Initiative-With-Global-Audience