Western Union Partners with Aquila Heywood to Improve Services to Overseas Pensioners
July 31 2018 - 4:00AM
Business Wire
Global Existence Transaction Solution provides
a seamless and low-risk solution for overseas checking of UK
pensioners
The Western Union Company (NYSE: WU), a global leader in cross
border, cross currency money movement, today announces a renewed
partnership between its global payments business line, Western
Union Business Solutions and Aquila Heywood, the UK and Ireland’s
largest pensions system provider. The extended partnership allows
Aquila Heywood’s customers to use Western Union’s retail locations
to perform their annual existence checking, providing a low-risk
solution that solves the pain points associated with existence
checking and enhances the service provided to their customers.
According to The Department for Work and Pensions, there are
over 1,200,000 UK pensioners living abroad. Typically, pension
providers manually write to their members annually with a return
form to verify their existence. Now with Western Union Business
Solutions’ Global Existence Transaction Solution, they can verify
UK pensioners living abroad with a face-to-face interaction at one
of Western Union’s 550,000 Agent locations.
This reduces the risk of fraudsters continuing to draw benefits
of deceased members, saving millions of pounds incorrectly paid to
non-entitled beneficiaries every year. Recent figures from the
Cabinet Office, for example, show that pensioner existence scams
led to an £11.4 million overpayment of public sector pensions
between 2014 and 2016. The partnership also provides Aquila
Heywood’s customers with access to Western Union’s digital
platforms to carry out overseas payments, reducing transaction time
and fees to improve customer service.
“The collaboration allows Aquila Heywood’s customers to leverage
Western Union's vast agent network to verify their identity and
help reduce pension fraud," said Western Union Global Head of
Financial Institutions & Channel Partners, Alan
Verschoyle-King. “We are proud to renew our partnership with Aquila
Heywood and help secure pension payment capabilities across the
globe.”
Aquila Heywood is the largest provider of life, pension and
investment platforms in the UK and Ireland, and the fifth largest
in Europe. Customers include some of the largest private and
public-sector companies in the UK. Its comprehensive platform,
Altair™ supports 80% of local councils and is used to administer
the pensions of millions of members across the UK and Ireland.
“Our goal is to deliver stand out products and solutions that
best meet our customers’ needs and enable them to provide a great
service to their members,” said Aquila Heywood CEO Simon Barker.
“This includes working with key strategic partners that add value
and solve our customer pains. Our extended partnership with Western
Union Business Solutions ensures fast and efficient handling of
overseas payments, without the traditional challenges and
associated risks.”
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement. Our omnichannel
platform connects the digital and physical worlds and makes it
possible for consumers and businesses to send and receive money and
make payments with speed, ease, and reliability. As of March 31,
2018, our network included over 550,000 retail agent locations
offering Western Union, Vigo or Orlandi Valuta branded services in
more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com,
our fastest growing channel in 2017, is available in more than 40
countries to move money around the world. In 2017, we moved over
$300 billion in principal in nearly 130 currencies and processed 32
transactions every second across all our services. With our global
reach, Western Union moves money for better, connecting family,
friends and businesses to enable financial inclusion and support
economic growth. For more information, visit
www.westernunion.com.
About Aquila Heywood
Aquila Heywood builds modern software solutions for businesses,
pension providers and third parties that help transform how their
members manage their lifelong financial journeys.
Our aim is to inspire members, customers and policymakers, and
together create and promote an environment that enables everyone to
make more informed decisions to improve their financial
security.
We work collaboratively with the industry and its customers to
create long-term growth and lasting business value through
technology solutions.
Aquila Heywood has been awarded European Pensions Technology
Provider of the Year for two years running 2016 and 2017 and
shortlisted in 2018. They were also ranked first in the UK
Professional Pensions Administration software survey April
2018.
www.aquilaheywood.co.uk
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version on businesswire.com: https://www.businesswire.com/news/home/20180731005062/en/
for Western UnionFleishmanHillard FishburnLouise
McHenryPhone: +44-(0)208-618-1748Mobile:
+44-(0)7894-839-287Louise.mchenry@fhflondon.co.ukorfor Aquila
HeywoodEmma Fisher, Marketing ManagerDirect dial: 01737
857078emma.fisher@aquilaheywood.co.uk
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