Roadmap to Digitization: Asia Inclusive Payments System for Credit Unions (IPS4CUs)
- Date : Wednesday January 13, 2021
- Venue : Nonthaburi
The second ACCU Digital Finance and Infrastructure Committee (DFIC) meeting held on January 13, 2021, discussed the Asia Inclusive Payments System for Credit Unions (IPS4CUs) - a project with the World Council of Credit Unions with financial support by Bill and Melinda Gates Foundation.
"We are now at the project's second phase development," according to ACCU CEO Leni San Roque. The DFIC's role is to ensure the project answers the need for digitization and suggest the most effective implementation strategy.
According to the consulting team from Paysys, the IPS4CUs is an interoperable, real-time payment network owned and governed by credit unions and other participants. It has a unique centralized governance structure, rules, and standards for digital payments within the network. IPS4CUs will act as the shared payment hub with mobile payment service and value-added services. It will be more economical and efficient than the original payment platform and save the cost, resources, and times for each national federation to digitalize their markets.
Committee member Fr. Fredy Rantuk thought that the federation first builds capacity to operate its payment system before creating a regional platform. The demand for cross border financial transactions is low. He said the need today is to create a platform that would allow credit unions to become the national payment ecosystem participants.
Meanwhile, committee member Mr. Badri Guaragain emphasized three points: it must empower and match the need of the primary cooperatives and their members, reduce the cost of CU services, and has a possible legal framework in each country.
WOCCU and the Paysys welcomed the opinions of the DFIC. They will review the project's strategies considering the needs and current IT infrastructure situation of credit unions in Asia.