Star One Credit Union has partnered with eZforex, a foreign exchange company, and Ripple, a blockchain technology company, to successfully complete their first pilot international remittance using the newest industry standard, blockchain technology.
"We are thrilled to offer Blockchain technology to the credit union industry. Credit unions throughout the United States will, as a result, become less reliant upon multiple intermediary banks to send international payments. This provides members with increased security, decreased costs, and faster settlements," noted Jorge Jiminez, eZforex's CEO.
On April 3, 2017, a $50 transaction was sent from a Star One account to an Australian bank using blockchain. The funds were withdrawn from a member’s account as an ACH debit and then converted to a blockchain transaction by Ripple. World First Bank USA was the bank gateway used to complete the transaction. Additional test transactions were also successfully sent to Hong Kong, Italy and El Salvador.
“This is a good example of using new technology that will give members another funds-transfer option that is expected to be more convenient, less expensive and more secure,” said Gary Rodrigues, Star One Credit Union’s President.
“Our members are going to greatly benefit from the speed, high security, and low prices that blockchain technology provides for our international remittances,” stated Lynn Brubaker, Star One Credit Union’s Vice President of Deposit Services.
Star One Credit Union started over 60 years ago and provides financial services to people who live, work or attend school in Santa Clara County. Star One also offers membership to employees of some of Silicon Valley’s most prominent companies, including Lockheed Martin, Lam Research and Juniper Networks to name a few. Star One Credit Union serves more than 98,000 members with branches throughout Silicon Valley and offers a variety of products and services including checking and savings accounts, certificate accounts, IRAs, and consumer, home equity, and first mortgage loans. Star One is part of a nationwide network of 30,000 no-surcharge ATMs and 5,000 shared credit union locations in all 50 states.
(eZforex) eZforex.com, Inc., a Longview, Texas based corporation, is the nation's leading foreign exchange service and international transfers solutions provider for financial institutions. Founded by Evan Shelan in 1994, eZforex was initially created to provide foreign banknotes to credit unions, banks, and travel-related companies prior to their members and customers departing the United States for travel. Today the U.S. government and over 2,000 financial institutions rely on eZforex's integrated turnkey solutions to manage their foreign currency and international transfers both through International ACH and Blockchain. eZforex.com, Inc. is a NAFCU and LendingTools.com preferred Partner.