Western Union reveals big jump in digital payout functionality


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Western Union’s digital payout options, which form a large part of its aim to remain a world-leading enterprise in the cross-border payments realm, have now been significantly expanded as part of a strategic push.
  • The company’s instant payout services are now available in over 100 nations around the globe.
  • Senior figures at the firm praised the development.

Cross-border payments company Western Union has said that its digital payout functionality has been significantly enhanced.

The firm, which is based in Denver, Colorado, said that the recipient side of its cross-border money movement processes, which are instantaneous in nature, were now available in more than 100 nations around the world.

This expansion means that the owners of billions of bank accounts can now access the service.

During its 2019 Investor Day, the firm promised to get to this point at some stage in 2020.

The company has been operating in the payments field for a long time though – and has offered fast, though non-instant, payments almost across the globe.

According to a press release, the decision to boost instant payouts is part of a broader digital growth plan.

This plan is two-pronged in nature, focusing in part on the Western Union website but also on online partnerships with other companies.

The firm, which is already very well known in online money transfer circles in part due to its physical presence in many agent-based outlets around the world, is now aiming to become a significant global market leader in the field.

In a set of statements, leading figures at the company shed more light on the strategic side of the arrangement.

Jean Claude Farah, who is the president of Western Union’s Global Network, emphasised that the move showed that the firm was partly responsible for helping to make payment services available “anytime and anywhere”.

“Our strategy is purpose-built for where the world is headed, and with rapid execution with global scale, we are powering the world’s cross-border payment momentum with a globally diverse network to serve payment solutions, anytime and anywhere,” he said.

Shelly Swanback, who serves as president for product and platform at the company, said that Western Union had an important role to play in “setting the standard”.

“Our comprehensive, global cross-border and cross-currency platform continues to advance towards setting the standard for international payments and money movement to serve an ever-broader array of customers,” she said.

She added that all sorts of customers and institutions might be able to benefit from the new arrangement.

“No matter if you are a consumer, business, technology player, government entity or an NGO, or where you commence your payment journey, our flexible model can meet your needs with ease, flexibility, and confidence,” she concluded.

If you would like to know more about how Western Union’s online money transfer services can help you, why not head over to our review page so that you can discover more for yourself?

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