Western Union updates on its work in CIS

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Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Western Union, which is well known as a provider of international money transfers in various formats, has issued an update on its work with the Commonwealth of Independent States – or CIS for short.
  • The company said that it would allow participating financial institutions in the region to let their clients send and receive cash internationally using Western Union services, which are omnichannel in nature.
  • “We are constantly expanding our network across the region and integrating our global money movement capabilities to enhance the customer experience of major CIS financial institutions,” said a senior figure at Western Union.

Western Union, a household name in the cross-border payments world, has confirmed a collaboration with banks and financial institutions within the Commonwealth of Independent States (or CIS for short).

It has said that it was working with the group, which covers a variety of countries, including Armenia and Russia.

The arrangement means that the participating financial institutions can now allow their clients to issue and receive cash internationally using Western Union services, which are omnichannel in nature.

One of the participating organisations is Nova Poshta, which is a major postal network in Ukraine.

NovaPay, which is a financial institution that is part of the organisation, is now involved in Western Union transfers.

The same goes for the Monobank organisation in the same country – customers of which are now able to send across multiple countries and regions.

There is also a distinctly digital element to the new arrangement.

Various banks and financial institutions in the region have had their digital payment capabilities enhanced by adding Western Union’s features to their smartphone apps.

These are understood to include a bank in Kazakhstan, namely Bank CenterCredit.

Unibank in Azerbaijan is also included as well as Kapitalbank in Uzbekistan, which has also been permitted to do this.

In a statement, a senior figure at Western Union said that the company had already built partnerships with banks and other organisations, such as post offices, in the region.

Massimiliano Alvisini, who serves as Western Union’s General Manager for CIS, Europe, and Africa, said that this was positively impacting millions of clients in various ways.

“We are privileged to have already joined forces with top financial institutions and post offices across the CIS, giving millions of their customers flexibility, convenience and trust in their cross-border money transfers and payments,” he said.

He added that the company was building its network in the area all the time – and ensuring that it was making the most of its “money movement capabilities” as part of a push to improve the “customer experience”.

“We are constantly expanding our network across the region and integrating our global money movement capabilities to enhance the customer experience of major CIS financial institutions,” he said in remarks to the press.

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