A new partnership between Western Union and mass payment platform Hyperwallet will seek to ease the cross-border transaction process for B2C customers.
Western Union announced this week that it hopes the initiative will “redefine the way global business-to-consumer payments are made”.
A new wave of remittance companies and cross-border payment innovations have been chipping away at Western Union’s dominance in the market. However, while many of these target remittances paid by individuals, typically overseas workers sending funds home to their families, fewer strides have been taken in the business payments space.
Western Union has made it clear that this partnership is actively aimed at companies and the particular issues they face when making cross-border payments, rather than individual people.
“By integrating our payments ecosystem with Hyperwallet’s platform, we have enabled a mass payment product that will help change how global payments are made today, while helping meet the rigorous compliance demands faced when making global payments,” said Kerry Agiasotis, president of Western Union Business Solutions.
Payments will be possible in 130 different currencies and 200 countries, according to Western Union.
“While some payment products are limited by geographic coverage and method, Hyperwallet is focused on providing breadth of coverage and depth of payment delivery options to meet real world industry challenges. Today, multiple payment types are mandatory to achieve global coverage,” said Peter Burridge, president and chief commercial officer for Hyperwallet.
“Integrating the Western Union global bank and cash network with Hyperwallet’s mass payment technology is a game changer, bringing the agent network into the corporate domain to provide solutions the market is desperate for.”
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