The Western Union Company (NYSE: WU), a leader in global payment
services, extended its exclusive agreement with Eurogiro, with scope to
allow its members greater access to the full range of Western Union
Money Transfer® services including digital offerings.
Eurogiro is a global payment network for national postal organisations,
post banks, commercial banks and other payment service providers. The
agreement extends a16-year collaboration.
Eurogiro offers the exclusive Western Union® money-in-minutes
service – as part of a portfolio of cross border payment services to 35
of its members. These members represent 52,000 Agent locations across 30
countries.
Odilon Almeida, President, Americas and European Union, said:
“The extension of this long tenured relationship is a testament to the
value brought by Western Union to Eurogiro’s members, banks, post
offices and payment providers in major regional hubs across the world.
“Western Union’s global footprint of nearly half a million locations1
connects Eurogiro’s member institutions to every corner of the world -
urban and rural.
“Working together – we are keen to enhance services to Eurogiro's
members to facilitate more choice as consumer preference for both cash
and cashless money transfers grows.”
Today, Western Union is harnessing its system with modifications to link
cash and digital transfers between retail Agent locations, mobile
phones, prepaid cards, online and traditional bank accounts and ATM.
“While cash has a strong preference to instantly fund spending; some of
our existing customers as well as new customers have evolving
preferences. They also want choice of cashless transactions with the
same speed of money-in-minutes,” said Almeida.
Eurogiro was founded by a group of European postal organizations focused
on improving cross-border payments for customers, providing connectivity
and payment services to its membership community of financial
institutions.
Michel Stuijt, Eurogiro CEO, said, “This agreement honors
the great contributions over the years by Eurogiro members to Western
Union in attracting and servicing customers with a need to send or to
collect funds wherever they are.
“The Western Union urgent cash service has been a premium and highly
valued addition to the basic services which Eurogiro members have in
their payment portfolio. We have a common goal of providing excellent
services to non-banked people and maintaining a dense branch network
close to the customers in both urban and rural areas all over the
world,” he added.
The Western Union global money transfer platform moved an average of 29
transactions per second across the world in 2013.
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 June 30, 2014, 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. In 2013, The Western Union Company completed 242
million consumer-to-consumer transactions worldwide, moving $82 billion
of principal between consumers, and 459 million business payments. For
more information, visit www.westernunion.com.
About Eurogiro
Eurogiro is a payments network that connects different organisations and
payment ‘ecosystems’ and espouses business ventures among its members
consisting of over 60 posts, banks and other financial institutions
around the world. It allows its members to explore and develop business
opportunities with other Eurogiro members that share a common goal of
providing secure, transparent and cost-efficient payment solutions for
their clients around the world. Members connect to the highly flexible
network and may tap other Eurogiro members that combined reach more than
500,000 branches and 4 billion people in more than 50 countries.
Eurogiro was founded in 1993 by a group of European Postal institutions
and its head quarter is in Copenhagen, Denmark, with an office in
Manila. www.eurogiro.com
1 Western Union, Vigo and Orlandi Valuta branded services are
offered through a combined network of over 500,000 Agent locations
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Copyright Business Wire 2014