New product integrates key strengths of each company to change the way large volumes of business-to-consumer payments are made.
Englewood, Colorado – Western Union Business Solutions (WUBS), a division of The Western Union Company (WU), in conjunction with Hyperwallet, today announced the launch of a new global mass payments product. This new product integrates key strengths of each company that come together to help change the way large volumes of business-to-consumer payments are made.
The Western Union Business Solutions mass payments product aims to redefine the way global business-to-consumer payments are made by addressing key cross border payment challenges and opening up new global commerce opportunities in four key areas:
- Hyperwallet’s payments technology solution enabling sender and receiver directed payments.
- Western Union’s global distribution and scale, across 200 countries and territories.
- The Western Union Business Solution global bank network enabling payments in over 130 currencies.
- The Western Union Business Solution integrated FX management and advanced treasury services to help manage the risk associated with foreign currency volatility.
Hyperwallet’s proven Mass Payments technology, enabling best-in-class receiver experience, coupled with Western Union global payments and FX services capabilities, providing worldwide reach, transactional scale and enhanced regulatory and compliance capabilities, will enable new ways of doing business by opening a payments hub for emerging participants in the global economy and allowing companies to achieve greater visibility, certainty and efficiency in their financial operations.
“Western Union has one of the most comprehensive payments ecosystems in the world, connecting businesses and consumers with financial choice. Whether they want to send one or a million payments to a bank account or cash location, we have a solution,” said Kerry Agiasotis, president, Western Union Business Solutions. “By integrating our payments ecosystem with Hyperwallet’s platform, we have enabled a mass payment product that will help change how global payments are made today, while helping meet the rigorous compliance demands faced when making global payments.”
Peter Burridge, President & Chief Commercial Officer, Hyperwallet, said, “While some payment products are limited by geographic coverage and method, Hyperwallet is focused on providing breadth of coverage and depth of payment delivery options to meet real world industry challenges. Today, multiple payment types are mandatory to achieve global coverage.
Integrating the Western Union global bank and cash network with Hyperwallet’s mass payment technology is a game changer, bringing the agent network into the corporate domain to provide solutions the market is desperate for.”
The Western Union Business Solutions mass payments product delivers on Western Union’s and Hyperwallet’s shared vision for providing a platform where payors and recipients have full visibility and certainty of their payments, while providing a best-in-class end-user experience.
About Western Union Business Solutions
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage global cash flow, creating unique solutions tailored to suit their individual needs. It is a business unit of the Western Union Company (WU), a leading nonbank provider of cross border payments, which offers Business Solutions services in over 30 countries. Clients are supported by a network of trading offices, strategic banking relationships and a global clearing network and can send cross-border foreign exchange payments in more than 135 currencies.
About Western Union
The Western Union Company (WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2014, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments.