Business Wire

Western Union Launches High-Value Digital Account-to-Account Transfers from U.K. to Around the World

Share

The Western Union Company, a leader in global cross-border, cross-currency money movement, today announced its foray into the multibillion-dollar bank account-to-account money transfer sector for consumers, by launching high-value digital transfers from the United Kingdom to around the world.

Consumers in the United Kingdom can now send up to £50,000 via their smartphones from wu.com or the Western Union® mobile app, funded from accounts directly into bank accounts in many countries around the world.

Over the last few years, Western Union has undergone a dramatic digital transformation, driving a multi-layer digital strategy allowing customers to begin their transactions on mobile – via app or web browser. Today, Western Union’s digital business has seen continued double-digit growth, and now 70 percent of digital transactions originate on mobile devices.

The company’s boosted investments in real-time compliance controls and expansion of its bank payout network to billions of accounts now allows consumers to send high-value money transfers, commencing in the U.K. with other major money-sending countries to follow.

“With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers – many of whom are global citizens with assets and holdings in multiple countries,” said Graham Baker, U.K. Country Head Global Money Transfer, Western Union.

“The opportunity to send £50,000 per transaction, 24/7, around the world, enables our customers representing a mix of affluent expats and natives, to send money in larger values with confidence. They send money between their bank accounts across countries for high-value purchases such as real estate, or financial payments such as mortgages or investments,” he said.

Western Union’s annual global digital revenue was over $400 million in 2017 – larger than many of the digital start-ups in the space. The company’s digital growth continued to be strong, with 22 percent wu.com revenue growth in quarter two, this year. In the same quarter, about 30 percent of the wu.com principal moved globally was delivered into accounts.

“On top of our existing digital offerings for global business customers, we have custom built our digital account-to-account service drawing from our fast-growing global account payout network. Now our money transfer customers can also connect to billions of accounts in more than 70 countries and this will continue to accelerate,” said Jean Claude Farah, President, Global Payments, Western Union.

Western Union’s global account payout network connects to local banks, national payment settlement switches, third-party payment processors as well as mobile wallets, prepaid and other card connections.

Western Union serves more than 150 million consumer-to-consumer and business-to-business customers whether they are sending or receiving money using web, apps, accounts, mobile wallets or retail, every year, to more than 200 countries and territories.

In the U.K., more than USD $26 billion was sent in person-to-person transfers to the rest of the world in 20171, according to the World Bank, with more than 60 percent of those funds directed into bank accounts. More than USD $13 billion of these funds were sent to a mix of developed and emerging nations – led largely by Nigeria and India and closely followed by France, Germany, Pakistan, Poland and China.

Western Union has been operating in the U.K. for 30 years and in 2017, moved money into more than 200 countries and territories.

About Western Union’s Cross-Border Platform

Western Union’s cross-border, cross-currency platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, and a vast global network of over half a million locations, billions of consumer accounts and mobile wallets – sets the standard for international money movement. With locations in more than 200 countries and territories, Western Union’s platform processed an average of 32 transactions every second and moved $300 billion across 130 currencies in 2017.

Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers and businesses around the globe.

For more information, visit the Western Union newsroom at www.westernunion.com/news.

About Western Union

The Western Union Company is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease and reliability. As of June 30, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in 45 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

1 The World Bank’s Bilateral Remittance Matrix 2017 (updated as of Apr. 2018)

Contact information

For further information, please contact:
Western Union
Pia De Lima, +1 954 260 5732
pia.delima@wu.com
or
Carolina Laurijssen, +44 (0) 7740 542 203
carolina.laurijssen@wu.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

FDA Approves OTEZLA® (apremilast) for the Treatment of Oral Ulcers Associated with Behçet’s Disease19.7.2019 20:59:00 EESTPress release

Celgene Corporation (NASDAQ:CELG) today announced that the U.S. Food and Drug Administration (FDA) has approved OTEZLA® (apremilast) 30 mg twice daily (BID) for the treatment of adult patients with oral ulcers associated with Behçet’s Disease. OTEZLA, an oral, selective inhibitor of phosphodiesterase 4 (PDE4), is the first and only approved treatment option for oral ulcers associated with Behçet’s Disease, a rare, chronic, multisystem inflammatory disease that is difficult to treat. “Oral ulcers are a recurring and debilitating manifestation that affects nearly everyone living with Behçet’s Disease, and have an important negative impact on the quality of life for these patients,” said Yusuf Yazici, M.D., Clinical Associate Professor, Department of Medicine, New York University Langone Health. “In the clinical trial, OTEZLA demonstrated improvements in measures of oral ulcers at week 12. OTEZLA has the potential to be a needed treatment option for U.S. patients and their physicians, who

Abiraterone Acetate Included in World Health Organisation’s Essential Medicines List for the Treatment of Metastatic Castration-Resistant Prostate Cancer19.7.2019 16:05:00 EESTPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson is delighted with the recent announcement from the World Health Organisation (WHO) to include abiraterone acetate (ZYTIGA ® ) for the treatment of metastatic castration-resistant prostate cancer (mCRPC), in the updated Essential Medicines List, published on 9th July 2019.1,2 The WHO’s Essential Medicines List is a core guidance document that helps countries prioritise critical health products that are recommended to be widely available and affordable throughout health systems.1 “The inclusion of abiraterone acetate in the WHO Essential Medicines List highlights the critical role that this treatment can play in improving the lives of patients living with mCRPC and their families,” said Dr. Joaquín Casariego, Janssen Therapeutic Area Lead Oncology for Europe, Middle East & Africa, Janssen-Cilag S.A. “I am proud that we are working hard to impact survival and quality of life by developing and providing innovative medicines which ar

Gilead Sciences Licenses Respiratory and Herpes Antiviral Research Programs From Novartis19.7.2019 15:30:00 EESTPress release

Gilead Sciences, Inc. (NASDAQ: GILD) announced today that it has licensed three preclinical antiviral programs from Novartis, including investigational agents with the potential to treat human rhinovirus, influenza and herpes viruses. Under the agreement, Gilead will acquire exclusive global rights to develop and commercialize novel small molecules against three undisclosed targets. Novartis will receive an upfront payment and is eligible to receive up to an additional $291 million in potential milestone payments upon achievement of certain development and commercial milestones, as well as royalties on annual net sales. “Today’s announcement builds on Gilead’s heritage in antiviral research and development. We look forward to applying this expertise to advance the development of potential new treatments for viruses with limited therapeutic options,” said John McHutchison AO, MD, Gilead’s Chief Scientific Officer and Head of Research and Development. Gilead’s antiviral portfolio include

Schlumberger Announces Second-Quarter 2019 Results19.7.2019 14:00:00 EESTPress release

Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2019. (Stated in millions, except per share amounts) Three Months Ended Change Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Sequential Year-on-year Revenue $8,269 $7,879 $8,303 5% 0% Pretax segment operating income $968 $908 $1,094 7% -12% Pretax segment operating margin 11.7% 11.5% 13.2% 17 bps -148 bps Net income - GAAP basis $492 $421 $430 17% 14% Net income, excluding charges & credits* $492 $421 $594 17% -17% Diluted EPS - GAAP basis $0.35 $0.30 $0.31 17% 13% Diluted EPS, excluding charges & credits* $0.35 $0.30 $0.43 17% -19% North America revenue $2,801 $2,738 $3,139 2% -11% International revenue $5,463 $5,037 $5,065 8% 8% North America revenue, excluding Cameron $2,243 $2,178 $2,546 3% -12% International revenue, excluding Cameron $4,761 $4,469 $4,387 7% 9% *These are non-GAAP financial measures. See section titled "Charges & Credits" for details. Schlumberger Chairman and CEO Paal Kibsgaard commente

Schlumberger Appoints Olivier Le Peuch as CEO19.7.2019 13:46:00 EESTPress release

Schlumberger Limited (NYSE: SLB) announced today that its Board of Directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019. Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date. Also effective August 1, Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors. Mr. Kibsgaard will retire after more than 22 years of service to the Company, including eight years as CEO and four years as Chairman. Effective the same date, Mark G. Papa, a current non-independent director, will become non-executive Chairman of the Board. Peter Currie will continue to serve as the Board’s Lead Independent Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190719005161/en/ Olivier Le Peuch is appointed Chief Executive Officer and a member of the Schlumberger Board, effe

Fluke Corporation Acquires Industrial Reliability Leader PRÜFTECHNIK19.7.2019 13:00:00 EESTPress release

Fluke Corp., the global leader in test and measurement instruments, has acquired Ismaning, Germany-based PRÜFTECHNIK, a market leader in precision laser shaft alignment, condition monitoring, and non-destructive testing. “Fluke’s acquisition of PRÜFTECHNIK reflects the growing importance our customers place on reliability systems to keep their equipment in optimum operating condition,” said Marc Tremblay, president of Fluke Corporation. “This business will help us usher in the next generation of solutions for our industrial customers.” Fluke Corporation For information on Fluke tools and applications, or to find the location of your nearest distributor, contact Fluke Corporation, P.O. Box 9090, Everett, WA USA 98206, call (800) 44-FLUKE (800-443-5853), fax (425) 446-5116, e-mail fluke-info@fluke.com or visit the Fluke Web site at http://www.fluke.com. About Fluke Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measu

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom