Western Union Cross-Border Platform Connects Consumers to over One Billion Bank Accounts
January 20 2016 - 8:00AM
Business Wire
The Western Union Company (NYSE: WU), a leader in global payment
services, today announced its account payout network, a global
capability that enables cross-border money transfers to be directed
to bank accounts – has reached a new milestone, now connecting
consumers to over one billion bank accounts.
“Western Union is recognized as a leader in global payment
services with a network of agent locations, ATMs and online
services. The additional ability to pay out in over one billion
bank accounts gives consumers unparalleled choice when sending
money through Western Union,” said Western Union President and CEO
Hikmet Ersek.
“The account payout network capability represents a natural
evolution in Western Union's cross-border platform and omni-channel
strategy to reach new digital-savvy, banked and mobile enabled
consumers. Western Union is actively pursuing digital innovation
enterprise wide, increasing consumers’ choice of money transfer
channels and facilitating financial inclusion in emerging countries
around the world,” added Ersek.
A consumer can send money, funded by cash, debit, or credit
card, in a fast, efficient and cost effective manner, directly to a
receiver's account through www.westernunion.com, either online or
through mobile devices, where available. Consumers can also use
cash to send funds to an account from participating WU® agent
locations.
The Western Union cross-border platform is an industry-leading
FinTech solution. It leverages a brand new web platform, highly
rated mobile apps, combined with digital pay-in and pay-out
solutions and global foreign exchange conversion to provide
consumers access to mobile wallets and one billion bank
accounts.
In addition, WU’s regulatory, compliance and anti-money
laundering infrastructure uses cutting edge big data Hadoop
technologies to facilitate efficient and timely money movement
across more than 500,000 agent locations in 200 countries and
territories, over 100,000 ATMs and kiosks, and online in 33
countries.
*Service and funds availability depends on certain factors,
including the Service selected, the selection of delayed delivery
options, special terms applicable to each Service, amount sent,
destination country, currency availability, regulatory issues,
consumer protection issues, identification requirements, delivery
restrictions, agent location hours, and differences in time zones
(collectively, “Restrictions”).
About Western Union
The Western Union Company (NYSE: WU) is a leader in
global payment services. Together with its Vigo, Orlandi Valuta,
Pago Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses
with fast, reliable and convenient ways to send and receive money
around the world, to send payments and to purchase money orders. As
of September 30, 2015, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined
network of over 500,000 agent locations in 200 countries and
territories and over 100,000 ATMs and kiosks, and included the
capability to send money to hundreds of millions of accounts. In
2014, The Western Union Company completed 255 million
consumer-to-consumer transactions worldwide, moving $85
billion of principal between consumers, and 484 million
business payments. For more information,
visit www.WesternUnion.com.
WU-FWU-G
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version on businesswire.com: http://www.businesswire.com/news/home/20160120005585/en/
Western UnionMedia:Dan Diaz,
+1-720-332-5564daniel.diaz@WesternUnion.comorInvestors:Mike Salop,
+1-720-332-8276mike.salop@WesternUnion.com
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