- KYODAI Remittance, a Japanese money transfer company, will work with Western Union Business Solutions to provide a new remittance scheme for its business clients.
- The enhanced relationship between the two firms comes after Japan liberalised its Payment Services Act to help organisations expand their offers.
- “We are excited to build on the strength of our relationship with KYODIA Remittance and support the institution’s expansion into B2B cross border payments in Japan,” said a spokesperson for Western Union.
KYODAI Remittance, a Japanese international money transfer firm, has confirmed that it will collaborate with Western Union Business Solutions as part of a new cross-border payments service for corporate customers.
The pairing will see the firm start to use WU GlobalPay for Financial Institutions, a system designed to give business customers access to reliable payments.
It also offers cost-effective fee structures, and access to the Western Union payments network.
KYODAI and Western Union’s relationship is ongoing, with the former offering cross-border payments on the consumer level for a couple of years.
The new aspect of the relationship has come about thanks to legislative changes in Japan.
The country’s Payment Services Act, which came into force in May, means that organisations that aren’t formal banks are now permitted to send more than a million Japanese yen.
This has given the firms the chance to expand their offering.
In a statement, a senior figure at Western Union Business Solutions said that the company was looking forward to enhancing the pre-existing connection between the two firms.
Haruhiko Ohashi, the company’s head of Japan, said that their relationship was strong.
“We are excited to build on the strength of our relationship with KYODIA Remittance and support the institution’s expansion into B2B cross border payments in Japan,” he said.
He went on to say that the company had already worked to address customer demand for particular services in this regard.
“We have worked closely to meet the needs of KYODAI Remittance and its customers, developing a bespoke solution that will integrate our platforms with their environment,” he explained.
He added that Western Union Business Solutions was upbeat about the prospects for the two companies to work together to help bolster the international trading scene.
“We look forward to continued success working with KYODAI Remittance to support the growing international trade market.”
Western Union is one of the world’s most famous online money transfer organisations.
It operates in over 200 nations around the world, in over 130 currencies.
Meanwhile, KYODAI Remittance was set up in 2010 by a firm called Unidos Co. Ltd, and covers 200 countries and territories.
If you would like to get to grips with what the online money transfer industry is offering, just head over to our website’s reviews pages and see what you can learn.
