- Online money transfer firm Western Union, which is a household name in financial services circles, has revealed that it will expand its real-time payment service to a variety of new countries.
- More than 30 additional nations around the world will be able to benefit from the new real-time function compared to a few months ago – and more are expected to come soon.
- According to a senior figure at the company, the new function will improve the payment experience in terms of higher speed, reduced complexity and much more.
Well-known cross-border payments company Western Union has announced an expansion of its real-time online money transfer function.
The firm said that it would be building its global online payments network and adding to the speed with which payment functions could be carried out.
According to the company, it will now offer account payout services to locations such as wallets, cards or bank accounts in more than 120 nations around the world.
This reflects a rise of around 20 from the previous position.
In terms of real-time payments, meanwhile, 80 nations on this list will now be able to benefit from speedier transfers.
This represents a rise of 30 countries compared to the situation in April of this year.
Western Union also confirmed that this new arrangement will be made available to its clients across the whole spectrum of partnerships.
Co-branded partners will be able to benefit, for example, while those who are using Western Union’s services on a white labelling basis can also participate.
Ultimately, the firm intends to offer the instant payments aspect of the service to 100 countries by the end of the year.
In a press release, a leading figure at Western Union shared more information about what the new offering would provide.
Jean Claude Farah, who serves as Western Union’s president of global network, said that the new service is going to cater to a variety of different needs for both individual customers and commercial clients.
“We are making it easier to make payments cross-border in real-time for an expanding array of consumer and business needs across the world by building an expansive funds collection and distribution network,” he said.
He emphasised the fact that the benefits will include speed, simplicity and more.
“We are making the experience leaner, faster and less complex for consumers, businesses, and our partners,” he added.
He went on to explain how the firm would ensure that it could cater to as many customers as possible in a context of surging demand.
“By leveraging a combination of cross-border connections and our unmatched platform strengths, including global processing, compliance, and settlement capabilities, we can meet the increasing demand from global consumers and businesses for fast, transparent, and reliable cross-border real-time payments,” he said.
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