Western Union Cross-Border Platform Connects Consumers to over One Billion Bank Accounts
SAN FRANCISCO--(Business Wire/Korea Newswire) January 21, 2016 -- 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.
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