- New service will be called WU® Incoming Payments for Legal and will be aimed at US-based law firms looking to manage their forex volatility issues
- The cost of bank processing fees will be reduced thanks to the new development, which will be targeted in particular at small to medium-sized law firms
- “By setting up the law firm’s invoicing system through Western Union Business Solutions, firms can invoice an overseas vendor in their local currency,” the firm said in a press release
Major cross border payments provider Western Union has launched a new service designed to help smaller law firms with forex volatility.
The WU® Incoming Payments for Legal service will work with either small or medium-sized law firms to reduce the burden of administration involved with making international money transfers, especially in relation to foreign exchange transactions.
The service, which will be targeted at the US market first, is also expected to help firms contend with often-high bank processing fees.
The service will help firms bring down the cost of this.
In a press release, the company explained more about how the new service would work – and showed how law firms would even be able to raise invoices to foreign clients without deviating from their own local currency.
“By setting up the law firm’s invoicing system through Western Union Business Solutions, firms can invoice an overseas vendor in their local currency,” it said.
“The payment is directed to a Western Union Business Solutions account held in the local currency, helping avoid currency exchange volatility and bank fees.
“Once Western Union Business Solutions receives payment from the law firm’s vendor, it initiates the process of moving the foreign currency to the law firm’s account, crediting the firm’s account in USD.”
It also highlighted its broader sector experience in the international money transfer field, and what that might mean for customers in the sector.
“With 30 years’ experience working with more than 700 law firms worldwide, Western Union Business Solutions is an expert in streamlining firms’ domestic and cross-border payments,” it said.
“As a trusted partner to the legal industry, we provide an end-to-end payments solution to simplify complicated payments processes and drive efficiencies,” it added.
Western Union is a giant in the cross border payments universe, so it’s no surprise to see that it is able to target sector-specific institutions.
Even small to medium-sized law firms, which this new service will target in particular, appear to now have to contend with international issues on a regular basis.
However, with Western Union on hand, these firms will no doubt find it easier to manage their international transactions.
Western Union is just one of many firms operating in this sphere to help improve online money transfer processes for businesses. Learn more about the goings-on in the sector at our magazine pages.
