Western Union Expands Payout into Bank Accounts with Metrobank
November 04 2021 - 4:22AM
Business Wire
Metrobank Becomes Western Union’s Newest Direct
Bank Account Payout Partner for Inbound Money Transfers in the
Philippines
Western Union, a global leader in cross-border, cross-currency
money movement and payments, has announced Metropolitan Bank &
Trust Company (Metrobank), one of the leading financial
institutions in the country, as its newest direct bank account
payout partner for inbound money transfers in the Philippines.
With this activation, receivers of international money transfers
in the Philippines can benefit from Western Union’s real-time1
account payout capabilities to bank accounts in the country. Global
senders can continue to send money using Western Union’s digital
services in more than 75 countries and territories or via Western
Union’s retail Agent network in more than 200 countries and
territories.
“Millions of people in the Philippines have access to accounts
and are living ever more interconnected digital lives: as a result,
they have an increasing expectation for the financial system to
keep up with their flexible lifestyles,” said Jeffrey Navarro, Head
of Philippines, Malaysia, Brunei & Indochina for Western Union.
“At Western Union we meet these expectations by providing a full
range of money transfer solutions to a broad spectrum of consumers.
With Metrobank we are glad to expand our account payout network,
leveraging our joint capabilities to drive seamless solutions for
customers.”
Metrobank joins Western Union’s growing network of partners
powering international money transfer payouts into accounts. Over
the last few years, Western Union has been accelerating connections
to bank accounts ensuring robust connectivity for customers.
Globally, Western Union has the capability to send to billions of
bank accounts and millions of wallets and cards across more than
125 countries and territories, with real-time capabilities in 100
of these countries. Additionally, it also offers payout in cash in
approximately 600,000 retail locations in 200+ countries and
territories.
“As we continue to expand and optimize our global account payout
capabilities, we are excited to bring Metrobank on board,
leveraging more ways we can jointly serve customers in a way that
fits their lives,” said Hassan Chatila, Global Head of Sales and
Partnerships Development, Account Payout Network, Western Union.
“Our platform cuts through the international complexities so
millions of customers can access their funds in real-time and in a
manner that suits their local infrastructure and preferences.”
“At Metrobank our mission is to meet the evolving needs of
customers with innovative services,” said Richard So, Metrobank
Executive Vice President and Head of Products, Channels and
Overseas Banking Group. “With our partnership with Western Union,
we are ready to meet the rising expectations for convenient money
movement into bank accounts, improving customer experience and
bringing them the ease and scale they look for when it comes to
their money transfer needs.”
According to the World Bank, in 2020, the Philippines was one of
the top five remittance-receiving countries in the world. Western
Union serves customers via a range of retail and digital solutions
in the Philippines, facilitating convenient service access for all.
Currently, Western Union agent retail network in the Philippines
extends to more than 22,000 locations2.
About Western Union The Western Union Company (NYSE: WU)
is a global leader in cross-border, cross-currency money movement
and payments. Western Union’s platform provides seamless
cross-border flows and its leading global financial network bridges
more than 200 countries and territories and over 130 currencies. We
connect businesses, financial institutions, governments, and
consumers through one of the world’s widest reaching networks,
accessing billions of bank accounts, millions of digital wallets
and cards, and approximately 600,000 retail locations. Western
Union connects the world to bring boundless possibilities within
reach. For more information, visit www.westernunion.com.
About Metrobank Metrobank is one of the strongest and
well-capitalized banks in the Philippines. The Bank believes that
its robust capital position and balance sheet strength will provide
ample support as it navigates through these uncertain times.
Capital ratios are among the highest in the industry, with total
CAR at 20.4% and Common Equity Tier 1 (CET1) ratio at 19.5%.
Consolidated assets stood at P2.5 trillion at the end of June 2021,
making Metrobank the country's second largest private universal
bank.
1 Funds may be delayed based on certain conditions, including
amount sent, receiving financial institution, regulatory
requirements, and differences in time zones.
2 Network data as of September 30, 2021
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104005500/en/
Media Contacts: Western Union Asia-Pacific Karen
Santos; Karen.Santos2@westernunion.com Metrobank Corporate
Affairs Estela Calderon; estela.calderon@metrobank.com.ph
Micah Alvarez; micah.alvarez@metrobank.com.ph
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