Western Union Announces Enhanced Innovation to Support Global Trade: Technology Creating Borderless Economies for SMEs
July 18 2016 - 8:00AM
Business Wire
Western Union Business Solutions, a business segment of The
Western Union Company (NYSE:WU) and a leader in global payment
services, today announces enhanced capabilities to its WU® EDGE
digital trading platform, including expansion of the platform’s
fee-free* network, and availability into seven new markets: Hong
Kong, Austria, France, Germany, Italy, Poland and the Czech
Republic.
Upon launch, the new fee-free* network payment feature will
expand to 51 currencies across 13 countries, with the speed of
cross-border payments also increasing to allow transferring funds
from buyers to sellers on the WU EDGE platform within minutes.
Kerry Agiasotis, President of Western Union Business Solutions,
said, “Buying and selling overseas has never been easier, it’s now
possible to make an international business payment in minutes.”
The Enterprise Digital Global Exchange ‘EDGE’ is the latest
technological innovation launched by Western Union Business
Solutions and is being expanded from its initial launch into six
key markets (UK, US, Canada, Australia New Zealand and Singapore)
to 13 (Hong Kong, Austria, France, Germany, Italy, Poland and the
Czech Republic).
Kerry Agiasotis added, “Since the launch of the WU EDGE platform
businesses across the world have used the platform to support their
aspirations to grow, invest and deliver the jobs of the future. We
are very proud of today’s announcement, we view ourselves as
business partners to our SME customers.”
“This continuous evolution around the WU EDGE platform is just
the beginning. We want to connect buyers and sellers all over the
world. And connect them on a single B2B platform that powers
real-time connections and payments across the globe,” concluded
Agiasotis.
The WU EDGE platform helps businesses with international needs
by:
- Connecting buyers and sellers –
The WU EDGE platform unifies AP (accounts payable) and AR (accounts
receivable) workflows with Electronic Invoice Presentment and
Payment (EIPP), aligning buyers and sellers through a single global
platform. SMEs can invite existing and new partners to trade
globally and interact with them in real-time to potentially enhance
trade and growth.
- Empowering insights and analysis
– The WU EDGE platform provides actionable insights to help
businesses navigate foreign exchange risks and opportunities
resulting from international payments. Powerful business tools
available in the foreign cash management and trade intelligence
modules provide customers with new insights for optimizing their
cash flows and profits.
- Increasing confidence to transact
across borders – The WU EDGE platform gives SMEs the confidence
to conduct business efficiently at scale around the world. This new
capability leverages Western Union’s unique global footprint and
Business Solutions’ in-country bank account network to transfer
funds cost effectively between buyers and sellers in minutes.
* Western Union Business Solutions makes money from currency
exchange.
About Western Union
The Western Union Company (NYSE: 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
March 31, 2016, 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, and included the capability to send money to over
one billion accounts. In 2015, The Western Union Company completed
262 million consumer-to-consumer transactions worldwide, moving $82
billion of principal between consumers, and 508 million business
payments. For more information, visit www.westernunion.com.
WU-G
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Western UnionDan Diaz, +1 720-332-5564 or +1
303-547-2347Vice President, Global Corporate Communications
Western Union (NYSE:WU)
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