SOURCE: Boom Financial

Boom Financial

September 11, 2012 04:00 ET

Boom Financial and World Council of Credit Unions Partner to Provide Financial Inclusion via Mobile Banking

Partnership Combines Boom's Mobile-Banking Service With WOCCU's International Credit Union Expertise to Further Expand Boom's Reach on a Global Scale

PALO ALTO, CA--(Marketwire - Sep 11, 2012) - Boom Financial, the company revolutionizing how immigrant and unbanked families save and share their wealth, today announced a partnership with the World Council of Credit Unions (WOCCU), the global trade association and development agency for credit unions, to expand global financial access down the economic pyramid to serve the needs of the world's unbanked and under-banked. With a shared vision to deliver financial inclusion for all, Boom Financial and WOCCU have partnered to provide Boom™ mobile-banking services via credit unions in the developing world.

As the global trade association and development agency for 51,000 credit unions serving 196 million people globally, WOCCU will act as a broker, technical consultant, and software payments solution enabling Boom Financial to rapidly expand into new countries. Boom Financial will tap into WOCCU's established national credit union networks globally, laying the foundation for Boom to efficiently expand and deliver its service to underserved populations.

Boom Financial's safe, economical, and easy money-sharing service allows credit unions to expand their geographic footprint and membership base beyond the standard service area of each branch location. Furthermore, credit unions can engage these new customers in a meaningful dialogue about additional products and services designed to meet their short and long-term needs.

"Boom Financial shares World Council's vision of expanding financial inclusion through mobile technology and has the resources and people necessary to make it happen," said Brian Branch, World Council president and CEO. "We look forward to growing our partnership with Boom Financial to reach an even wider global community."

"Boom Financial and the World Council share common values and a deep passion to provide financial access to all," said Bill Barhydt, CEO of Boom Financial. "By partnering with a trusted leader with a global reach, Boom further entrenches itself as the leader in this new category of cross-border mobile banking. Combining Boom's mobile-banking infrastructure with WOCCU's decades of experience in providing high-quality international financial services will become a key component of Boom's scaling strategy."

About World Council of Credit Unions
World Council of Credit Unions (WOCCU) is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.

About Boom Financial
Boom Financial has revolutionized how families save, share, and spend their wealth on a global scale with its Boom mobile banking, payments, and money transfer service for the U.S. immigrant population and their extended families. In 2011 Boom Financial, together with the U.S. State Department, co-founded the International Diaspora Engagement Alliance (IdEA) to engage Diaspora communities in the United States. Founded in 2008 as m-Via, Boom Financial is headquartered in Palo Alto, California, with offices in Los Angeles and Mexico City.

Boom is a trademark of Boom Financial. All other brands, products or service names are or may be trademarks or service marks of their respective owners. Boom accounts are issued by CBW Bank.

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