Western Union Works with TerraPay to Expand Payout Options to Millions of Mobile Wallets
Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement, announces an alliance with TerraPay to enable mobile wallet and bank account payout. The alliance further expands upon Western Union’s account payout network for sending remittances directly into customers’ mobile wallets across Europe, Africa, Asia and Latin America.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181213005331/en/
TerraPay CEO Ambar Sur and Head of Account Payout Network for Western Union Sobia Rahman (Photo: Business Wire)
TerraPay’s low value payments network connects financial instruments internationally. The company’s interoperability engine enables customers to send and receive transactions across diverse payment instruments and platforms – enabling mobile wallets in international, regional and domestic markets.
“Joining with TerraPay is a great opportunity to further diversify and expand our payment options across the globe, delivering remittances into mobile wallets,” said Sobia Rahman, global head of account payout network for Western Union. “Extending our network to TerraPay’s users will provide a convenient and automated channel that customers are looking for.”
“We are excited about this new alliance with Western Union. Uniting our strengths will play a pivotal role in expanding TerraPay’s network into new markets and help migrant workers send money home to a mobile wallet or bank account, through a reliable and convenient service,” said Ambar Sur, founder and CEO of TerraPay.
The Western Union® global account payout network connects to local banks, national payment settlement switches, third-party payment processors, mobile wallets, prepaid and other card connections.
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency money movement platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, a vast global retail network of over half a million locations, and the ability to send money to billions of accounts and mobile wallets – sets the standard for international money movement. With operations in more than 200 countries and territories, Western Union’s platform processed an average of 32 transactions every second and moved $300 billion in principal 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 around the globe. The company offers digital transactions in more than 50 countries and territories. Approximately 70% of Western Union’s digital transactions globally now originate on mobile devices.
About Western Union
The Western Union Company (NYSE: WU) 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 September 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 more than 50 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.
About TerraPay
TerraPay is the world’s first mobile payments switch- a B2B transaction processing, clearing and settlement service for mobile wallets. Our best-in-class technology serves as the interoperability engine that enables our partners’ customers to send and receive real-time transactions across diverse payment instruments, platforms and regions.
We believe in the power of the mobile to transform financial inclusion, and are building the digital payment rails to fulfil our vision of being able to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions, itself part of the USD 18 billion Mahindra Group. TerraPay is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).
WU-G
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005331/en/
Contact information
Western Union
Cristina Hoole
Mobile: +44-(0)7766 070978
Cristina.Hoole@wu.com
TerraPay
Sundeep
Mehta
media@terrapay.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
Takeda Receives Positive CHMP Opinion for Fruquintinib in Previously Treated Metastatic Colorectal Cancer26.4.2024 15:30:00 EEST | Press release
Takeda (TSE:4502/NYSE:TAK) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of fruquintinib, a selective inhibitor of vascular endothelial growth factor receptors (VEGFR) -1, -2 and -3 for the treatment of adult patients with previously treated metastatic colorectal cancer (mCRC). The European Commission (EC) will consider the CHMP positive opinion when determining the potential marketing authorization for fruquintinib for mCRC throughout the European Union (EU), Norway, Liechtenstein and Iceland. If approved, fruquintinib will be the first and only selective inhibitor of all three VEGF receptors approved in the EU for previously treated mCRC.1,2 “People living with metastatic colorectal cancer in the European Union currently have limited treatment options, which can lead to poor outcomes. With this positive opinion for fruquintinib, we are one step closer to potentially offering patients a new
MEDIA ALERT: Wolters Kluwer expert comments on European Parliament vote to pass amendment implementing Basel III reforms26.4.2024 15:00:00 EEST | Press release
The European financial landscape saw a milestone event this week, as the EU Parliament passed the Amendment to Regulation (EU) No 575/2013, implementing the Basel III finalization within Europe. This monumental step forward comes with the adoption of the Capital Requirements Regulation (CRR3) amendments, which are part of a broader legislative package, including amendments to Directive 2013/36/EU, known as the Capital Requirements Directive or CRD. Jeroen Van Doorsselaere, Vice President of Global Product & Platform Management, Wolters Kluwer FRR, said: “The adoption of the Capital Requirements Regulation (CRR3) amendments represents a landmark change for the banking industry, designed to strengthen the framework for risk-based capital requirements and address ESG risks. “This is a major overhaul of the capital requirements framework, impacting various aspects, including credit risk, operational risk, market risk, and the capital floor. Whereas other significant jurisdictions, includin
IonQ Unanimously Appoints Peter Chapman as Next Chairman of the Board of Directors26.4.2024 14:30:00 EEST | Press release
IonQ (NYSE: IONQ), a leader in the quantum computing industry, announced today the appointment of Peter Chapman as its next Chairman of the Board and Harry You as the Lead Independent Director of the Board, effective at the close of IonQ’s upcoming Annual General Meeting on June 5, 2024. Both appointments were disclosed in a proxy statement issued on April 25, 2024. Peter Chapman has also been nominated for re-election as a Class III director at the meeting, and his chairmanship will take effect assuming he is re-elected. “Last quarter we were delighted to have appointed Robert Cardillo and Bill Scannell to our Board of Directors. In addition, the Board unanimously appointed Peter Chapman to serve as its next Chairman following the annual meeting given his half-decade worth of contributions to IonQ and his strong progress transitioning IonQ from an academic to a commercial company,” said Niccolo de Masi, Chairman of the Nominating & Corporate Governance Committee of IonQ’s Board. “Unde
Sealing System launches: XIO – Intelligent Farming26.4.2024 13:17:00 EEST | Press release
XIO – Intelligent Farming, specializes in logistics systems for insect protein production. XIO is a new business unit within Sealing System A/S, one of the leading providers of automated end-of-line packaging lines in Scandinavia. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240426832303/en/ Robotic solution handling Black Soldier Fly Larvae (Photo: Business Wire) “At Sealing System A/S, we believe that practical innovation is the engine of real-world change. With the establishment of, XIO - Intelligent Farming, we are setting new industry standards, emphasizing the importance of intralogistics in the field of insect protein production, and proudly leading the way.” Ole Jensen CEO, Sealing System A/S XIO – Intelligent Farming provides solutions serving various aspects of the insect production, including fully automatic logistics systems, comprehensive data tracking, transfer trolleys and shuttles, as well as robot systems
Tecnotree Achieves Strong Q1 2024 Results with Sustained Revenue Growth and Enhanced Profitability26.4.2024 11:46:00 EEST | Press release
Tecnotree, a global digital platform and services leader for AI, 5G, and cloud-native technologies, today announced its financial results for the first quarter of 2024, demonstrating solid growth with a 4.7% increase in revenue. The company maintained its momentum in driving global sales of its digital platform, in the first quarter of 2024, completing many AIML and digital transformations to key customers, resulting in a significant increase in revenue. The growth was primarily driven by new wins in the LATAM region, while EMEA and APAC regions remain growing markets for the digital platform. Key Q1 Highlights of the financial results: Net sales increased 4.7% to EUR 16.3 (15.5) million. Operating results increased by 22.3% to EUR 4.4 (3.6) million. Earnings per share EUR 0.01 (0.01). Order book at the end of the period increased by 10.3% to EUR 74.8 (67.8) million. Tecnotree achieved several notable milestones in the first quarter. The company solidified its position as a trusted par
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