Western Union Business Solutions (WUBS), a division of The Western Union
Company (NYSE:WU), in conjunction with Hyperwallet, today announced the
launch of a new global mass payments product. This new product
integrates key strengths of each company that come together to help
change the way large volumes of business-to-consumer payments are made.
The Western Union Business Solutions mass payments product aims to
redefine the way global business-to-consumer payments are made by
addressing key cross border payment challenges and opening up new global
commerce opportunities in four key areas:
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Hyperwallet’s payments technology solution enabling sender and
receiver directed payments.
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Western Union’s global distribution and scale, across 200 countries
and territories.
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The Western Union Business Solution global bank network enabling
payments in over 130 currencies.
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The Western Union Business Solution integrated FX management and
advanced treasury services to help manage the risk associated with
foreign currency volatility.
Hyperwallet’s proven Mass Payments technology, enabling best-in-class
receiver experience, coupled with Western Union global payments and FX
services capabilities, providing worldwide reach, transactional scale
and enhanced regulatory and compliance capabilities, will enable new
ways of doing business by opening a payments hub for emerging
participants in the global economy and allowing companies to achieve
greater visibility, certainty and efficiency in their financial
operations.
“Western Union has one of the most comprehensive payments ecosystems in
the world, connecting businesses and consumers with financial choice.
Whether they want to send one or a million payments to a bank account or
cash location, we have a solution,” said Kerry Agiasotis, president,
Western Union Business Solutions. “By integrating our payments ecosystem
with Hyperwallet’s platform, we have enabled a mass payment product that
will help change how global payments are made today, while helping meet
the rigorous compliance demands faced when making global payments.”
Peter Burridge, President & Chief Commercial Officer, Hyperwallet, said,
“While some payment products are limited by geographic coverage and
method, Hyperwallet is focused on providing breadth of coverage and
depth of payment delivery options to meet real world industry
challenges. Today, multiple payment types are mandatory to achieve
global coverage.
Integrating the Western Union global bank and cash network with
Hyperwallet’s mass payment technology is a game changer, bringing the
agent network into the corporate domain to provide solutions the market
is desperate for.”
The Western Union Business Solutions mass payments product delivers on
Western Union’s and Hyperwallet’s shared vision for providing a platform
where payors and recipients have full visibility and certainty of their
payments, while providing a best-in-class end-user experience.
About Western Union Business Solutions
Western Union Business Solutions enables companies of all sizes to send
and receive international payments and manage global cash flow, creating
unique solutions tailored to suit their individual needs. It is a
business unit of the Western Union Company (NYSE: WU), a leading nonbank
provider of cross border payments, which offers Business Solutions
services in over 30 countries. Clients are supported by a network of
trading offices, strategic banking relationships and a global clearing
network and can send cross-border foreign exchange payments in more than
135 currencies.
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 December 31, 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 and kiosks. 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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Copyright Business Wire 2015