The Western Union Company (NYSE:WU), a leader in global payment services, today announced the launch of its new business payments wallet for clients of Western Union Business Solutions in the United States and Canada. The technology allows clients using Business Solutions’ Online FX platform to add and hold funds on balance for future use and enables them to make convenient email payments to international recipients.
“Small businesses will appreciate how quickly and easily they’ll now be able to send and receive cross border payments,” said Brian Harris, Chief Product Officer, Western Union Business Solutions. “Our wallet makes it easier to operate on a global scale, saving companies time and money, so they can focus on their core business and execute on their decisions immediately.”
The wallet addresses critical pain points experienced by small and medium enterprises, speeding up transaction processing via pre-funded USD and CAD holding balances. Funds that have been loaded onto the wallet and cleared are available when the client needs to initiate a payment. With the email delivery option, the sender needs only to provide the recipient’s email address. The recipient is directed to a secure website to claim the payment online.
Western Union Business Solutions enables companies of all sizes to send and receive cross-border payments and manage foreign exchange, creating unique solutions tailored to suit their FX needs. As a leading non-bank provider of business payments, Western Union Business Solutions offers its services through locally licensed affiliates and partners in 25 countries. Supported by a network of trading offices, strategic banking relationships and a global clearing network, businesses can send cross-border 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 March 31, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 495,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and completed 425 million business payments. For more information, visit www.westernunion.com.