KYODAI Remittance Launches B2B Cross-border Payments for Corporate Customers with Western Union
September 05 2021 - 9:00PM
Business Wire
The launch is Western Union’s first foray
into B2B cross-border payments for corporate customers with a
Japanese money transfer provider
The Western Union Company, a leader in cross-border,
cross-currency money movement and payments, has announced that
KYODAI Remittance will begin utilizing services from Western Union
Business Solutions to fulfill business to business (B2B)
cross-border payments for corporate customers.
This is the first time Western Union Business Solutions has
formed a business alliance with a Japanese money transfer company
for the purpose of B2B international payments. The first phase of
KYODAI’s implementation roadmap is to begin using WU® GlobalPay for
Financial Institutions to provide business customers with access to
direct, reliable payment routes and minimal fees on one of the
largest payment networks in the world.
“We are excited to build on the strength of our relationship
with KYODIA Remittance and support the institution’s expansion into
B2B cross border payments in Japan,” said Haruhiko Ohashi, Head of
Japan, Western Union Business Solutions. “We have worked closely to
meet the needs of KYODAI Remittance and its customers, developing a
bespoke solution that will integrate our platforms with their
environment. We look forward to continued success working with
KYODAI Remittance to support the growing international trade
market.”
KYODAI Remittance has been providing C2C cross border payments
through Western Union since 2019 but the revision of Japan’s
Payment Services Act on 1st May 2021, which removed the JPY 1
million funds transfer services cap by non-bank institutions2, has
enabled the financial institution to expand its B2B cross border
payment services.
For organizations seeking a partner to optimize cross-border
payments, Western Union Business Solutions equips them with the
solutions they need to send, receive, and manage international
payments. Our extensive global network, spanning 200 countries and
territories combined with our local market knowledge, enables
organizations of all sizes to manage international payments simply,
effectively, and efficiently.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and over 130 currencies. We connect businesses,
financial institutions, governments, and consumers through one of
the world’s widest reaching networks, accessing billions of bank
accounts, millions of digital wallets and cards, and over half a
million retail locations. Western Union connects the world to bring
boundless possibilities within reach. For more information, visit
www.westernunion.com.
About KYODAI Remittance
KYODAI Remittance is an international money transfer service
launched by Unidos Co. Ltd (Unidos) in June 2010, mainly for
repatriation of foreign residents in Japan, covering 200 countries
and territories1, for remittances of up to 1 million yen per
transaction. The alliance between KYODAI Remittance and Western
Union Business Solutions will benefit Unidos and its corporate
customers by the increased coverage of countries supporting B2B
remittances. As of April 2021, the total number of remittances
processed by Unidos topped 5.6 million. For further information on
KYODAI Remittance, visit https://kyodairemittance.com/.
1 In the case of remittances between individuals, Unidos retain
staffs from 21 countries, supporting in more than 20 languages. (As
of 2021/6/1) 2
https://www.jonesday.com/en/insights/2021/05/japans-amended-payment-services-act-could-prompt-more-nonbank-entries-into-traditional-banking-services
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210905005013/en/
Western Union Business Solutions English: Cristina
Hoole Cristina.Hoole@wu.com Japanese: Shintaro Homma
Shintaro.Homma@WesternUnion.com Unidos Co., Ltd. Sales and
Marketing Department Kosuke Yamazaki Tel: +813-3280-1029
E-mail: kyamazaki@kyodai.co.jp
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