Western Union Expands Real-time Payments in Europe
October 13 2021 - 9:50AM
Business Wire
Western Union International Bank Joins SEPA
Instant Credit Transfer
Western Union, a global leader in cross-border,
cross-currency money movement and payments, announced today that
the Western Union International Bank (WUIB) has joined the Single
Euro Payments Area Instant Credit Transfer scheme (SCT Inst) as a
Direct Participant, further enhancing the company’s real-time
payment capabilities in Europe.
Joining SCT Inst allows Western Union to offer its
consumers—across the 24 countries and more than 2,300 financial
institutions that take part in the SCT Inst scheme—additional
real-time money transfer and payment options, available 24/7,
providing more choice and convenience and further improving speed
and reliability. Progressively, SCT Inst participation will enable
consumers using Western Union’s global financial network, spanning
more than 200 countries and territories, to send and receive
real-time payments to/ from the scheme’s participating countries
and financial institutions.
Peter Bucher, Managing Director of the Western Union
International Bank, said: “This is an achievement that showcases
how WUIB is a truly agile, customer-focused organization, at the
vanguard of digital innovation. We continue to deliver cutting-edge
products and services to expand and enhance the relationship with
our customers across Europe.”
SEPA Instant Credit Transfer enables pan-European credit
transfers, with funds made available on the account in less than
ten seconds. The scheme forms part of the Single Euro Payments
Area, launched in 2008 by the European banking and payments
industry with the support of national governments, the European
Commission, the Eurosystem and other public authorities. SEPA has
harmonized the way non-cash euro payments are conducted and covers
several countries beyond the euro area or the European Union.
Shelly Swanback, President, Product and Platform for Western
Union, said: “Joining STC Inst as a Direct Participant is a
significant milestone, reflecting Western Union’s role as an
important financial services provider in Europe. Already, over 60%
of our global account payout transaction volume is delivered in
real-time. But we don’t stand still: We continue to invest in
expanding our real-time payment capabilities, as we work to give
consumers additional options and convenience across platforms,
devices, borders and currencies.”
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.
WU-G
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version on businesswire.com: https://www.businesswire.com/news/home/20211013005751/en/
Claire Treacy Claire.treacy@westernunion.com
Nicholas Mandalas Nicholas.mandalas@wu.com
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