Western Union and Brazilian bank build on partnership

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Western Union will add to its work alongside Banco Semear, a bank based in Brazil that already has a relationship with the company.
  • It will permit Banco Semear to offer payments powered by GlobalPay, a tool that provides access to payment transfers without the need for complex frameworks.
  • Representatives of both firms expressed their approval at the new development.

Cross-border payments corporation Western Union has revealed a newly enhanced collaboration with one of its partners.

The firm said that it would build on its pre-existing relationship with the Brazilian financial services organisation Banco Semear.

The new expanded arrangement will mean that the latter will now be able to access GlobalPay when arranging transfers for its customers.

This is a network designed to permit financial organisations to provide better cross-border services without having to create large and sophisticated banking operations.

Arthur Campos, who is the superintendent of Banco Semear, disclosed more information to the press about the expanded relationship.

It would focus on increasing the range of products that Banco Semear offers, he said.

“The partnership with Western Union Business Solutions consists of expanding the portfolio of products already offered by Banco Semear,” he said.

He added that the move was part of a larger strategic framework designed to build its customer base and increase its “target audience”.

“The strategic objective is to integrate new operations into the current structure, allowing the leverage and expansion of the institution’s business and target audience.”

Alberto Roncajolo, who runs the financial institutions arm of Western Union Business Solutions in Latin America and the Caribbean, added that the company was also glad to be enhancing the partnership through the offering of the GlobalPay feature.

“We are very pleased to expand our collaboration with Banco Semear through the integration of GlobalPay,” he said.

Western Union Business Solutions bills itself as a transaction processing platform.

It has a strong online offering and works across over 200 nations and economies around the world.

It has made itself available in a triple-figure number of global currencies, increasing Western Union’s reputation as a global cross-border payments powerhouse.

Insight

Western Union is once again firmly back in the spotlight with this latest news from Brazil.

What this most recent headline shows is that a conglomerate with the might of Western Union can withstand even a global public health emergency and continue to surge ahead even while others may be prevaricating.

Even in the face of global uncertainty, a business like this one can weather the storm and even build for the future by continuing with partnerships such as the one with Banco Semear.

This is likely to be sufficient reassurance for any nervous traders or investors who are thinking about whether or not the big names of the online money transfer world will survive the pandemic.

To discover more information about the world’s leading cross-border payments firms, just head over to our magazine section and select some further articles on other topics.


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