Live Demo of a Real-time Interoperable Payment System Held in the Philippines and Indonesia
- Date : Thursday December 12, 2019
- Venue :
A live demo on December 10th in the Philippines featured demonstration of how a real-time, interoperable payment system could allow credit unions to perform Peer-to-peer transfers, QR-code-based merchant payments and Customer on-boarding/registration
With Indonesia on December 12, the events represent the next step for the Worldwide Foundation's Interoperable Digital Financial Services for Credit Unions’ Project. The one-year planning-phase project has established a foundation for an interoperable, open-loop, low-cost, real-time payment platform for World Council of Credit Unions' (WOCCU) network of credit unions across Asia. WOCCU is partnering on the project with the Association of Asian Confederation of Credit Unions (ACCU), Credit Union Central of Indonesia (CUCO), National Confederation of Cooperatives (NATCCO) and Philippines Federation of Credit Cooperatives (PFCCO).
“The goal is to use this live demonstration event as a bridge to the next phase of this project—where we plan to pave the way for the global digitization of credit unions, starting with an interoperable digital payment system for Asia,” said Megan O’Donnell, WOCCU Vice President of Financial Inclusion.