DENVER--(BUSINESS WIRE)--
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.
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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
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181213005331/en/
Western Union
Cristina Hoole
Mobile: +44-(0)7766 070978
Cristina.Hoole@wu.com
TerraPay
Sundeep
Mehta
media@terrapay.com
Source: The Western Union Company