Western Union & Dollar Financial Extend Global Agreement to Offer Western Union Services;Agreement Paves the Way to Add Futur...
May 19 2011 - 10:02AM
Business Wire
The Western Union Company (NYSE:WU), a leader in global
payments, and Dollar Financial Corp (NASDAQ:DLLR), a leading
international diversified financial services company, today
announced a multi-year global agreement that extends and paves the
way to add Western Union Money Transfer®, Bill Payment and Money
Order services across Dollar Financial locations in Canada, the
United States and the United Kingdom throughout 2011 and
beyond.
Stewart A. Stockdale, Executive Vice President and President,
Global Consumer Financial Services, Western Union, said, “Dollar
Financial and Western Union are brands consumers know and trust.
Today’s announcement is an example of how two major retail
financial services brands can leverage their global presence and
strengths to work successfully together to offer consumers fast,
reliable and convenient global money transfer and payment services.
Consumers turn to Dollar Financial for convenience and value – and
Western Union is constantly looking for ways to work with Dollar
Financial to provide new services and better serve consumers
worldwide.”
Commenting on the agreement, Jeff Weiss, Dollar Financial’s
Chairman and Chief Executive Officer, stated, “It is our mission to
be the leading global provider of financial services to the
under-banked and unbanked consumer, which we refer to as the ALICE
demographic (or asset limited, income constrained, employed). The
ALICE consumer typically lives paycheck to paycheck, often holding
more than one lower paying job to meet monthly bills and living
expenses. Many of these consumers follow labor oriented and general
skilled job prospects to different areas and countries, and as a
result need to frequently send a portion of their paychecks to
their awaiting families back at home. This agreement enables us to
continue to meet the needs of this growing demographic in an
expedient and efficient manner by leveraging Western Union’s strong
brand in concert with our expanding service platform of now more
than 1,200 retail store locations around the world.”
About Western Union
The Western Union Company 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. The Western Union, Vigo and
Orlandi Valuta branded services are offered through a combined
network of approximately 455,000 agent locations in 200 countries
and territories. In 2010, The Western Union Company completed 214
million consumer-to-consumer transactions worldwide, moving $76
billion of principal between consumers, and 405 million business
payments. For more information, visit www.westernunion.com.
About Dollar Financial Corp
Dollar Financial Corp is a leading international diversified
financial services company primarily serving unbanked and
under-banked consumers and small business owners for over 30 years.
Through its retail storefront locations as well as by other means,
such as via the Internet, the Company provides a range of consumer
financial products and services in seven countries (Canada, the
United Kingdom, the United States, the Republic of Ireland, Sweden,
Finland and Poland) to consumers who, for reasons of convenience
and accessibility, purchase some or all of their financial services
from the Company rather than from banks and other financial
institutions. The Company’s products, principally its short-term
consumer loans, check cashing services, secured pawn loans and gold
buying services, provide customers with immediate access to cash
for living expenses or other episodic needs. The Company also
offers high-value ancillary services, including Western Union money
order and money transfer products, electronic tax filing,
reloadable VISA® and MasterCard® debit cards, foreign currency
exchange, and other services. In addition, through its branded
Military Installment Loan and Education Services, or MILES®
program, the Company provides fee based services to enlisted
military personnel applying for loans to purchase new and used
vehicles that are funded and serviced under an exclusive agreement
with a major third-party national bank.
At March 31, 2011, the Company’s global retail operations
consisted of 1,236 locations, including 1,144 company-operated
financial services stores and 92 franchised and agent locations,
conducting business primarily under the names Money Mart®, Money
Shop®, Insta-Cheques®, The Check Cashing Store®, Sefina and
MoneyNow® in Canada, the United Kingdom, the United States, the
Republic of Ireland, Sweden, Finland and Poland. For more
information, please visit the Company's website at www.dfg.com.
Dollar Financial Forward-Looking Statement
This news release contains forward-looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the developing regulatory environment
in Canada, the United Kingdom, the United States, and other
countries; the impact of future development strategy, new stores
and acquisitions; litigation matters; expected financing
initiatives; and the performance of new products and services.
These forward-looking statements involve risks and uncertainties,
including risks related to: the regulatory environments; current
and potential future litigation; the identification of acquisition
targets; the consummation of announced pending acquisitions, the
integration and performance of acquired stores and businesses; the
performance of new stores; the impact of debt financing
transactions; the results of certain ongoing income tax appeals;
and the effects of new products and services on the Company’s
business, results of operations, financial condition, prospects and
guidance; and uncertainties related to the effects of changes in
the value of the U.S. Dollar compared to foreign currencies. There
can be no assurance that the Company will attain its expected
results, successfully consummate announced pending acquisitions,
successfully integrate any of its acquisitions, obtain acceptable
financing, or attain its published guidance metrics, or that
ongoing and potential future litigation or the various FDIC,
Federal, state, Canadian, U.K. or foreign legislative or regulatory
activities affecting the Company or the banks with which the
Company does business will not negatively impact the Company’s
operations. A more complete description of these and other risks,
uncertainties and assumptions is included in the Company’s filings
with the Securities and Exchange Commission, the Company’s annual
reports and Forms 10-Q and 10-K. You should not place any undue
reliance on any forward-looking statements. The Company disclaims
any obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
WU-G
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