Two Leading Financial Service Companies Pair up to Introduce Foreign Currency Exchange...
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Two Leading Financial Service Companies Pair up to Introduce Foreign Currency Exchange Program to Credit Union Industry SAN DIMAS, Calif. & LONGVIEW, Texas--(Business Wire)-- Financial Service Centers Cooperative, Inc. (FSCC), the nation's largest credit union shared branch network with over 3,000 in-network locations, today announced a strategic alliance with eZforex.com, Inc. (eZforex), the nation's leading online foreign exchange company, to further automate foreign currency exchange process for credit union members nationwide. FSCC and eZforex are the first financial services companies to introduce this service to the credit union industry, in the U.S. and internationally. eZforex provides a turn-key system that allows credit unions to offer convenient international payments and foreign currency purchases. eZforex will provide a mechanism for consumers and members to purchase foreign currency though a safe, secure and seamless method. Through this alliance, eZforex system will be connected to FSCC's shared branching interface that connects online foreign currency transaction data to the FSCC Network. Credit Union members may purchase foreign currency in over 100 currencies and pay by FSCC electronically debiting a checking, savings or a line of credit account. The currency can be delivered to a member's home or office within 24-48 hours. "We are committed to offering our credit unions the best benefits in financial services," noted Sarah Canepa Bang, President/CEO, FSCC. "Our credit unions already enjoy the multiple products and services on the network, but our relationship with eZforex will give them access to a product that is much needed for any consumer who is traveling overseas." "We are delighted to work with FSCC as they are a technology-driven organization that promote innovation, convenient access to finances, credit union growth and expansion for the industry," said Evan Shelan, President/CEO, eZforex. "By uniting with FSCC, we are opening more doors for credit unions to assist their membership with international financial services." "It is a fast, efficient and convenient way to allow members to avoid costly conversions of currency. It saves unnecessary fees and inflated exchange rates in airports, banks, currency exchange kiosks and hotels. It also avoids the 3 percent surcharge when using a credit card overseas," continued Bang. According to eZforex's metrics, the average person buys $200 U.S. worth of foreign currency for each day spent as the average traveler spends at least 8 days overseas. The Bureau of Transportation Statistics report that 90.5 million passengers boarded U.S. airplanes from U.S. airports to international destinations in 2007, thus creating a multi-trillion dollar foreign currency industry virtually untapped in the credit union industry. "Credit union members are traveling the globe in record numbers and conducting business globally. Offering a convenient venue for members to purchase foreign currency or send a wire to Europe in minutes is a value-added service to credit union members that generates new revenues," added Bang. This alliance also represents both companies' advocacy work with the Children's Miracle Network (CMN), supporting Credit Unions for Kids(R) programs nationwide. About Financial Service Centers Cooperative, Inc. (FSCC) FSCC is the nation's largest and most convenient credit union Shared Branch Network providing 5,000 full service deposit-taking locations in the U.S. and five countries. FSCC's innovative use of technology allowed it to offer 24/7 access for financial services at more than 2,000 7-Eleven(R) Vcom(R) Units. FSCC credit unions represent $138.5 billion in assets. Since 1999, FSCC has returned over $13 million to its members through patronage dividends, rebates and return of capital. For more information, visit www.fscc.com or call 888-372-2669 ext. 1230. About eZforex.com, Inc. (eZforex) eZforex.com, Inc., a Longview, Texas based company, is the nation's leading Foreign Exchange service provider for credit unions, airlines and travel-related portals. Incorporated in 1994, eZforex.com was created to provide a Business to Business (B2B) and (B2C) platform to its affiliate's clients prior to departing the United Sates. Today, eZforex services over 1,000 credit unions including, banks, and travel related affiliate locations such as Rail Europe, United, Northwest, and Continental Airlines in all 50 states with over 4,000 users. For more information about eZforex, visit www.ezforex.com or call 877-393-6739 ext. 59. FSCC Bonnie Kramer, EVP/COO, 888-372-2669 ext. 1220 bonnie.kramer@fscc.com or eZforex, Inc. Evan Shelan, President/CEO, 903-663-3056 evan.shelan@ezforex.com Carrie Anne Begley, 903-663-3056 ext. 59 carrie.anne@ezforex.com Copyright Business Wire 2008
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