Financial Service Centers Cooperative (FSCC) has said that 14 Puerto Rica-based credit unions have begun participating in its shared branching network. This addition represents the first shared branching partnership with Puerto Rican credit unions in the CU Service Centers Network.
The participating credit unions include Abraham Rosa/Arcoop, Aguas Buenas/BUENACOOP, Aibonitena/BoniCoop, Caribe Federal Credit Union, CooPACA, Guaynabo, Jesus Obrero, Las Piedras, Naguabena, Padre McDonald, Quebradillas, Rincon, Rodriguez Hidalgo, and Saulo D Rodriguez/Guracoop. These credit unions will add 36 branches for members to access in Puerto Rico. They will join Illinois-based Baxter Credit Union, who has a branch already operating as an outlet in Puerto Rico.
Additionally, the Puerto Rican credit unions together formed Circuito Cooperativo, a cooperative corporation. The primary goal of it is the unification of the marketing efforts behind shared branching in Puerto Rico.
FSCC has said that Helvetia del Caribe, a credit union data processor, is in partnership with it to launch the services in Puerto Rico. Helvetia del Caribe is providing the shared branching software and equipment to enable the credit unions to provide shared branching services.
Katherine De La Cruz, president of the board of directors of Circuito Cooperativo, said: “Our relationship with FSCC is exciting as together we have been working hard to bring shared branching to Puerto Rico. I am very proud to launch these services and reap the benefits that FSCC’s shared branching services will provide to Puerto Rican credit unions in the network. With so many advantages, shared branching is a significant tool for us to continue to grow our membership as well as services to meet our members’ needs.”
Sarah Canepa Bang, president and CEO of FSCC, said: “We are grateful to work with Circuito Cooperativo and Helvetia del Caribe. Their commitment to cooperation and innovative support tools are helping multiple Puerto Rican credit unions gain access to shared branching. Due to this exclusive partnership, we expect the participation of Puerto Rican credit unions to continue to grow.”
