Western Union Wins FinTech Breakthrough Award for “Consumer Payments Innovation”
The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today was named winner of the “Consumer Payments Innovation Award” in the fifth annual FinTech Breakthrough Awards for 2021. The company’s innovative cross-border money transfer solution was awarded for its ‘plug and play’ technology used by a growing number of financial institutions to offer seamless, convenient, reliable, and fast international money transfer capabilities for their customers, connecting them to more than 200 countries and territories and over 130 currencies.
Western Union’s White Label Digital Partner technology solution enables FIs to use their existing branded customer technological interface to provide international money transfer services. FI’s customers can fund the transfers drawing from their linked bank accounts, wallets, or cards and choose to pay their receivers through the world’s widest-reaching networks, operated by Western Union, accessing billions of bank accounts, millions of digital wallets, and cards, and over half a million retail locations.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders, and visionaries worldwide in various categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many more. The 2021 FinTech Breakthrough Award program attracted more than 3,850 nominations from across the world.
“Western Union continues to deliver stellar customer experiences for consumers and businesses, moving money around the world every day, simplifying international money transfer complexities, including compliance, regulatory control, and settlement in over 130 currencies. Western Union has taken decades of innovation in serving its own branded customers and is now offering this functionality in a breakthrough white-label arrangement, driving even more cross-border connections for the wider financial sector,” said James Johnson, Managing Director, FinTech Breakthrough.
FinTech Breakthrough Awards perform the most in-depth evaluation of the sector to recognize the creativity, hard work, and success of innovative FinTech companies, technologies, and products worldwide.
“We are thrilled with the 2021 FinTech Breakthrough Award win and are honored with the recognition for our innovative cross-border money movement ‘plug and play’ capability, offered white label or branded as a part of our Digital Partner technology solution,” said Western Union President of Global Network, Jean Claude Farah.
Farah continued, “FI customers can initiate transactions from their bank website or mobile app and send directly to beneficiaries’ bank accounts, mobile wallets, cards, or for in-person cash pickup throughout Western Union’s leading global financial network bridging more than 200 countries and territories and over 130 currencies. With our Western Union Digital Partner technology solution, FIs can count on us to handle the cross-border payout of transactions seamlessly, in minutes, at scale, and in compliance with national and international regulations.”
The opening of Western Union’s cross-border platform and global financial network to third parties marks a strategic step to evolve Western Union to a diversified payments company, accessing adjacent cross-border money movement segments, and adding incremental customers.
FIs and the customers they serve no longer need to be confined to expensive, unpredictable, traditional cross-border payment channels. Western Union’s solution keeps the customer experience firmly in the hands of the FI - from the user interface to branding to pricing - while Western Union takes care of the complexities of the cross-border payout to the beneficiary. Additionally, Western Union’s robust compliance and risk ecosystem supports partners with sanctions and interdiction screening, and real-time risk assessment to detect and prevent fraud while also meeting local regulatory requirements for payouts.
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 over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech, and more. For more information, visit FinTechBreakthrough.com.
Rachel Rogala, Western Union
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
Mirum Pharmaceuticals and Vivet Therapeutics Enter into Exclusive Worldwide Option and License Agreement for Vivet’s Gene Therapy Programs Targeting Progressive Familial Intrahepatic Cholestasis12.4.2021 15:00:00 EEST | Press release
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) and Vivet Therapeutics (“Vivet”) announced today an agreement whereby Mirum has the exclusive option to develop and subsequently commercialize Vivet’s two proprietary AAV gene therapy programs for progressive familial intrahepatic cholestasis (PFIC), subtypes 3 and 2. The two programs, VTX-803 and VTX-802, are currently being evaluated in preclinical studies by Vivet, a privately-held gene therapy biotechnology company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210412005354/en/ Under the terms of the agreement, Vivet will continue to advance the preclinical studies for VTX-803 and VTX-802 for PFIC3 and PFIC2, respectively. Mirum has the exclusive option to license the programs after which Mirum would lead the clinical development and any future commercialization of the programs. Until that time, Mirum will provide funding to support the continued research and development costs
Globality and BT Sourced Announce New Partnership to Unleash the Power of Procurement12.4.2021 15:00:00 EEST | Press release
Through a new partnership with Globality and BT’s new procurement company, BT Sourced, BT launched Globality’s AI-powered Smart Sourcing® Platform to transform how BT employees source and procure services. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210412005173/en/ “BT’s changing and so is procurement. Digitization is the driving force for long-term growth and value to the BT customer and operating model,” said Cyril Pourrat, Chief Procurement Officer, BT. “Partnering with Globality will help us to embrace digital technology and simplify our processes.” “Having immediate access to our current suppliers and Globality’s diverse global network will bring agility and new value to our teams,” added Pourrat. BT now uses Globality’s AI advisor, Glo™, to quickly and easily source the best suppliers for consulting, marketing, IT, HR, legal and other service categories. “BT is revolutionizing the way it sources services in order t
FLIR Wins DARPA Contract Worth Up to $20.5M to Develop Revolutionary New Protective Fabrics for Chem-Bio Defense12.4.2021 15:00:00 EEST | Press release
FLIR Systems, Inc. (NASDAQ: FLIR) announced it has won a contract with the Defense Advanced Research Projects Agency (DARPA) to rapidly develop novel fabrics with embedded catalysts and chemistries that can fight and reduce chemical and biological threats upon contact. The revolutionary fabrics will be incorporated into protective suits and other equipment such as boots, gloves, and eye protection that can be worn by troops on the battlefield, medical experts, healthcare workers, and more. FLIR received $11.2 million in initial funding for the potential five-year effort worth up to $20.5 million, including options. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210412005140/en/ The Personalized Protective Biosystems (PPB) program will create fabrics with built-in ability to fight chemical and biological agents, from VX to chlorine gas to Ebola virus. The revolutionary fabrics being developed by FLIR Systems will be incorpora
Riffyn Launches Riffyn Nexus v4.2 to Strengthen Bioprocess Data Integrity With Automated Data Validation12.4.2021 14:50:00 EEST | Press release
Riffyn's pioneering cloud-based process data system for Intelligent Process Development has been upgraded with more powerful capabilities. The new features in Riffyn Nexus v4.2 enable customers to validate data real-time at a large scale with the ability to trace the root cause of an anomaly. Data integrity in process development is critical to rapid, high-quality drug and biotech product development. Inadequate data can mislead decisions and cost tens of million dollars in lost time, resources, and investment by sending an entire product development program down the wrong path. "Riffyn Nexus now gives the complete package of capabilities needed for process developers to ensure data integrity in their decision-making, while preserving their agility to innovate," said Riffyn CEO Timothy Gardner. "The new features in Riffyn Nexus automatically check all the collected data on each experiment in real-time — 3,300 samples, parameters, or measurements checked per second." Riffyn Nexus has al
Ameriprise Financial to Acquire BMO’s EMEA Asset Management Business12.4.2021 14:00:00 EEST | Press release
Ameriprise Financial, Inc. (NYSE: AMP) today announced that it has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for £615 million, or approximately $845 million. The all-cash transaction adds $124 billion of AUM in Europe and is currently expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210412005470/en/ The acquisition will further accelerate Ameriprise’s core strategy of growing its fee-based businesses and increase the overall contribution of Wealth Management and Asset Management within its diversified business. Together with BMO’s EMEA asset management business, Ameriprise will have more than $1.2 trillion of assets under management and administration. The acquisition complements Columbia Threadneedle Investments’ core business and global growth strateg
The Estée Lauder Companies Announces Retirement of Alexandra Trower, Executive Vice President, Global Communications12.4.2021 14:00:00 EEST | Press release
Today, The Estée Lauder Companies (NYSE:EL) (ELC) announced that after 13 years with the company, Alexandra (Alex) Trower, Executive Vice President, Global Communications, will retire effective July 1, 2021. The successor to Alex’s role will be announced at a later date. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210412005450/en/ Alex Trower, Executive Vice President, Global Communications, The Estée Lauder Companies, announces retirement. (Photo: Business Wire) “Alex has been a highly respected thought-leader, collaborative partner, and a trusted senior business advisor,” said Fabrizio Freda, President and CEO, The Estée Lauder Companies. “Leveraging her deep expertise across financial, corporate, consumer and crisis communications, Alex has continuously evolved our strategic communications priorities to drive and support the rapid growth of our business. She built a truly outstanding, global, multi-disciplinary organiz
Halliburton to Provide Petroleum Data Management Platform for Norwegian Petroleum Directorate12.4.2021 14:00:00 EEST | Press release
Halliburton Company (NYSE: HAL) today announced it signed an eight-year contract with the Norwegian Petroleum Directorate (NPD) to deploy and operate Diskos, the Norwegian national repository of seismic, well, and production data for the oil and gas industry. Halliburton Landmark will deliver Diskos 2.0 using DecisionSpace® 365 cloud services in iEnergy® – the industry’s first E&P hybrid cloud. The cloud native services are Open Subsurface Data Universe™ compliant and provide high quality data, security and governance so users can easily access, visualize, and interpret data from the Norwegian Continental Shelf. The open architecture and scalability of the service enables workflows across the repository and operator systems on premise, or in the cloud, to support efficient, effective and agile operations. Diskos 2.0 will use the DecisionSpace 365 cloud applications to apply machine learning and artificial intelligence to unlock the full value of subsurface data by revealing additional
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