FinTech Payments

Western Union Boosts Business FX Payments

February 25, 2021 at 10:01AM

Western Union Business Services, the payments arm of Western Union, is looking at expanding its cross-border payment services for business customers, a press release says.

According to the release, Western Union Business Services has integrated SWIFT Global Payments Initiative and also boosted its international currency options.

“We are continuously advancing our capabilities to give our clients the tools to access the growing global marketplace. Adding GPI Swift and expanding our currency portfolio within our Mass Payments API advances not only our competitive advantage but that of our customers”, said Scott Johnson, Head of Product at Western Union Business Solutions. “Customers expect, and now have, payments that are faster, traceable, transparent, consistent, and more reliable. We give them that, along with our global compliance program.”

The integration of the SWIFT network will help the company utilize a new level of their services for operational efficiency for business customers. Clients will be able to access better visibility as well as “certainty” that their money will reach where it needs to go.

In addition, the release says the increased currency support will “expand their reach, improve efficiencies and transact in more currencies by integrating a flexible global payments network into their own product or service.”

With WU Mass Pay, recipients with built-in, real-time cross-border payments will find better, more seamless experiences, the release says, with the ability to send up to 10,000 payments in over 130 currencies. Real-time payment tracking and automated changes to payment status are also available, the release notes.

Western Union CFO Raj Agrawal talked to PYMNTS last year about the company’s better-than-expected quarterly numbers even in the face of the pandemic. He said there was a greater demand for customers to send and receive money, both at home and abroad.

According to Agrawal, the travel restrictions made necessary by the pandemic have made digital remittances more necessary.

Western Union Boosts Business FX Payments …

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