Business Wire

Western Union Launches High-Value Digital Account-to-Account Transfers from U.K. to Around the World

Del

The Western Union Company, a leader in global cross-border, cross-currency money movement, today announced its foray into the multibillion-dollar bank account-to-account money transfer sector for consumers, by launching high-value digital transfers from the United Kingdom to around the world.

Consumers in the United Kingdom can now send up to £50,000 via their smartphones from wu.com or the Western Union® mobile app, funded from accounts directly into bank accounts in many countries around the world.

Over the last few years, Western Union has undergone a dramatic digital transformation, driving a multi-layer digital strategy allowing customers to begin their transactions on mobile – via app or web browser. Today, Western Union’s digital business has seen continued double-digit growth, and now 70 percent of digital transactions originate on mobile devices.

The company’s boosted investments in real-time compliance controls and expansion of its bank payout network to billions of accounts now allows consumers to send high-value money transfers, commencing in the U.K. with other major money-sending countries to follow.

“With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers – many of whom are global citizens with assets and holdings in multiple countries,” said Graham Baker, U.K. Country Head Global Money Transfer, Western Union.

“The opportunity to send £50,000 per transaction, 24/7, around the world, enables our customers representing a mix of affluent expats and natives, to send money in larger values with confidence. They send money between their bank accounts across countries for high-value purchases such as real estate, or financial payments such as mortgages or investments,” he said.

Western Union’s annual global digital revenue was over $400 million in 2017 – larger than many of the digital start-ups in the space. The company’s digital growth continued to be strong, with 22 percent wu.com revenue growth in quarter two, this year. In the same quarter, about 30 percent of the wu.com principal moved globally was delivered into accounts.

“On top of our existing digital offerings for global business customers, we have custom built our digital account-to-account service drawing from our fast-growing global account payout network. Now our money transfer customers can also connect to billions of accounts in more than 70 countries and this will continue to accelerate,” said Jean Claude Farah, President, Global Payments, Western Union.

Western Union’s global account payout network connects to local banks, national payment settlement switches, third-party payment processors as well as mobile wallets, prepaid and other card connections.

Western Union serves more than 150 million consumer-to-consumer and business-to-business customers whether they are sending or receiving money using web, apps, accounts, mobile wallets or retail, every year, to more than 200 countries and territories.

In the U.K., more than USD $26 billion was sent in person-to-person transfers to the rest of the world in 20171, according to the World Bank, with more than 60 percent of those funds directed into bank accounts. More than USD $13 billion of these funds were sent to a mix of developed and emerging nations – led largely by Nigeria and India and closely followed by France, Germany, Pakistan, Poland and China.

Western Union has been operating in the U.K. for 30 years and in 2017, moved money into more than 200 countries and territories.

About Western Union’s Cross-Border Platform

Western Union’s cross-border, cross-currency platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, and a vast global network of over half a million locations, billions of consumer accounts and mobile wallets – sets the standard for international money movement. With locations in more than 200 countries and territories, Western Union’s platform processed an average of 32 transactions every second and moved $300 billion across 130 currencies in 2017.

Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers and businesses around the globe.

For more information, visit the Western Union newsroom at www.westernunion.com/news.

About Western Union

The Western Union Company is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease and reliability. As of June 30, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in 45 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

1 The World Bank’s Bilateral Remittance Matrix 2017 (updated as of Apr. 2018)

Contact information

For further information, please contact:
Western Union
Pia De Lima, +1 954 260 5732
pia.delima@wu.com
or
Carolina Laurijssen, +44 (0) 7740 542 203
carolina.laurijssen@wu.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Hot Wheels Teams Up With Nintendo to Bring the World of Mario Kart to Fans With New Die-cast Toy Line20.6.2019 13:00:00 CESTPressemelding

Today Hot Wheels and Nintendo announce the global release of Hot Wheels Mario Kart die-cast vehicles and track sets. With its introduction, the beloved Nintendo characters and iconic karts from the hugely popular Mario Kart franchise have been transformed into authentic, high-performance die-cast toy vehicles. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005167/en/ Three Hot Wheels Mario Kart game-inspired track sets will be available this summer. (Photo: Business Wire) The Hot Wheels replica line features 1:64th scale die-cast Mario Kart vehicles that can race, stunt and crash on a variety of Hot Wheels Mario Kart track sets that bring the gameplay to life. The die-cast karts are also compatible with existing Hot Wheels sets. At launch the Hot Wheels Mario Kart Replica Die-cast assortment will include Mario, Yoshi, Luigi and Bowser with many additional characters coming soon such as Princess Peach, Koopa Troopa and

Arch Capital Group Names Seamus Fearon EVP, Credit Risk Transfer and Services, Global Mortgage Group20.6.2019 13:00:00 CESTPressemelding

Arch Capital Group Ltd. (Arch) today announced that Seamus Fearon has been promoted to Executive Vice President, Credit Risk Transfer and Services, Global Mortgage Group. In this role, Fearon will have responsibility for managing Arch’s credit risk transfer (CRT) business and growing its credit risk services offerings. He most recently was Chief Actuary of Arch’s Global Mortgage Group, where he oversaw its capital management framework and the development of its analytics and modeling capabilities. This newly created role highlights Arch’s focus on participating in credit risk transfer programs and supporting customers who would like to enter that growing market. “As the mortgage insurance market in the U.S. becomes even more competitive, it’s important for Arch to diversify its mortgage business to ensure we remain at the forefront of the industry,” said David Gansberg, CEO of Arch’s Global Mortgage Group. “Seamus brings both an analytical perspective and business acumen to these units

Lumileds Highlights Environmental, Health and Safety Milestones in First Sustainability Report20.6.2019 13:00:00 CESTPressemelding

Lumileds, a global leader in innovative lighting solutions, today released its 2018 Sustainability Report, which details the company’s progress in supporting the transition to a worldwide low-carbon economy. In the report, Lumileds highlights how its lighting solutions are contributing to positive changes in energy usage, safety, and health and wellness, supporting the company’s commitment to making the world safer, better and more beautiful with light. Lumileds follows a formalized sustainability agenda that identifies specific priorities and tracks progress. For example, in its global LED and automotive lighting operations, the company recently surpassed its 2020 operational goals relative to 2015 including: 41% reduction in emissions (20% goal) 25% reduction in energy consumption (20% goal) 25% reduction in water usage (20% goal) The sustainability objectives are based on creating value for customers through sustainable innovations, reducing the environmental footprint of the compan

Cargo Screening Technology by Smiths Detection at the Mega Tema Port Expansion in Ghana20.6.2019 11:22:00 CESTPressemelding

Smiths Detection has won a contract with Meridian Port Services Limited (MPS) to provide cargo inspection technology for the major Tema Port Expansion project in Ghana - designed to accommodate the world’s largest container ships, improve cargo handling productivity and increase trade to both Ghana and the rest of Africa. Four Smiths Detection HCVPZ60 scanning portals were selected to deliver the Ghanaian authorities more efficient border security, while safeguarding state revenue derived from duties and taxes on containerised goods. With trade anticipated to grow in Ghana in the coming years, these portals have been selected in part because of their ability to facilitate fast and effective security processing of a high volume of container traffic. The HCVPZ60 can penetrate 9-11.8 inches of steel whilst maintaining a throughput of up to 100 trucks per hour. Smiths Detection’s advanced screening technology, iCMORE will also be deployed, to expose containers falsely declared as empty. Th

Desktop Metal Now Shipping the World’s First Office-Friendly Metal 3D Printing System to Companies Throughout Europe20.6.2019 10:55:00 CESTPressemelding

Desktop Metal, the company committed to making metal 3D printing accessible to manufacturers and engineers, today announced it has begun shipping its Studio System™ to customers and resellers throughout Europe. The world’s first office-friendly metal 3D printing system for functional prototyping and low volume production, has met with strong adoption in North America among leading companies, including Ford, Stanley Black and Decker, Google’s ATAP, Goodyear, Owens Corning, and John Zink Hamworthy Combustion. Building on that momentum, the Studio System is now CE certified for international compatibility and being installed at customers throughout Europe, including France, Germany, Greece, Italy, Portugal, Spain, the Netherlands, and the United Kingdom. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005055/en/ Desktop Metal is now shipping the Studio System, the world’s first office-friendly metal 3D printing system, to

L’Oréal Rewards Social Initiatives Led by Dermatologists at World Congress of Dermatology in Milan20.6.2019 09:23:00 CESTPressemelding

In partnership with the International League of Dermatological Societies (ILDS) and the 24th World Congress of Dermatology (WCD), L’Oréal announced the laureates of the third International Awards for Social Responsibility in Dermatology: “Caring to Inspire Skin Confidence”. This aims to reward social initiatives led by dermatologists, improving patients’ physical and psychological well-being, self-esteem, social integration and skin health, and enabling patients to re-engage socially. Brigitte Liberman, President of L’Oréal’s Active Cosmetics Division, said: “Social responsibility is a priority for L’Oréal and we are proud to partner with the ILDS and the WCD to reward iconic dermatologists having positive actions on people’s lives”. Professor Harvey Lui, President of the ILDS, added: “Beyond the day-to-day activities of dermatologists in managing patients with skin issues, there is a vital social role, which is exemplified through our partnership for these awards and lies at the heart