Visa, a Foster City, California-based multinational financial services corporation, as per recent reports last week, has announced entering into a strategic partnership agreement with Western Union (WU), a Meridian, Colorado-based global leader in cross-border, cross-currency money movement.
By leveraging the Visa Direct real-time push payments platform, Western Union plans to further speed up the cross-currency money movement process around the world, as well as bring in a high level of transparency.
“Together, Visa Direct and Western Union are collaborating with plans to scale real-time cross-border payments to businesses and consumers in more than 200 countries and territories, in more than 130 currencies,” stated Bill Sheley, Global Head of Push Payments at Visa.
After Western Union achieves the Visa Direct integration, it will then be able to offer customers an expedited remittance service onto cards that brings in increased transparency and enhances the overall user experience for both senders and receivers.
“Western Union has the largest money transfer retail network and this agreement represents a key milestone for our account pay-out network combining the best of Visa and Western Union’s cross-border capabilities to enable a world-class payments platform,” stated Jean Claude Farah, Executive Vice President at Western Union.
Last year, Western Union reported more than 800 million consumer and business transactions, with approx. $80 trillion being sent via a wire transfer or bank account globally, on a daily basis. However, this cross-currency money transfer process is quite cumbersome, which takes days for the money to finally reach its destined bank account. Moreover, the process is outdated and involves a multi-step approach that often is a costly affair for users all around the world.
With this WU collaboration, Visa has ascertained its stand on modernizing the payments process all around the world.