Western Union, Absa to Offer Cross-Border Money Transfers via Internet and Mobile
First Money Transfer Service in World to Offer Seamless Platform Across Multiple Electronic Channels
JOHANNESBURG, May 13, 2010 (BUSINESS WIRE) -- South Africa's largest retail bank, Absa, and Western Union, a leader in global payment services, have enhanced their joint service offering to Absa accountholders by allowing them to conveniently access the Western Union(R) Money TransferSM service to send or receive cross-border money transfers using either a cell phone or Internet banking.
Absa - voted as Africa's most innovative bank - and Western Union have developed a convenient solution for Absa accountholders wanting to transfer money to friends and family living abroad.
"Account-based money transfer service through Western Union bears testament to Absa's innovative approach to financial services by providing customers with value-added products which complement our current offering," says Alfie Naidoo, Group Chief Operating Officer, Absa Bank. "It's through this approach that we increasingly own more of the payment services space in South Africa for both local and international transactions."
Khalid Fellahi, Western Union's Senior Vice President for Africa and Global Head of Mobile Transaction Services, said, "Our experience with customers around the world in 200 countries and territories has shown us that offering consumers more ways to move money adds significant value. We are mindful that our consumers are on the move and we have harnessed technology so that Western Union meets their lifestyle needs."
The service complements the ongoing nationwide rollout of the Western Union Money Transfer service within Absa branches and is available to eligible Absa accountholders who are registered for Internet Banking and/or Individual Cellphone Banking, in full compliance with the regulatory framework of South Africa.
Western Union intends to maintain its market-leading position in global payment services, where in several markets around the world it already offers bank account-driven services, online transactions via www.westernunion.com and mobile money transfer. This launch with Absa represents the first time all three options have been integrated into a seamless offering.
Absa is a subsidiary of Barclays Bank plc, which holds a stake of 55,5% in the Group.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
About Absa
The Absa Group Limited (Absa), headquartered in Johannesburg and listed on the Johannesburg Stock Exchange (JSE), is one of South Africa's largest financial services groups, offering a comprehensive range of banking, assurance and wealth-management products and services. Absa's business is conducted primarily in South Africa.
In addition to this, the Group has equity holdings in banks in Mozambique and Tanzania.
At 31 December 2009 the Absa Group had 718.2 million shares issued and a market capitalisation of R92.29 billion.
At 31 December 2009, Absa had assets of R717.9 billion, 1,062 points of presence, 11 million customers, 8,166 ATMs and 36,920 permanent employees.
Absa is a subsidiary of Barclays Bank plc, which holds a stake of 55,5% in the Group. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia.
For more information, visit Absa www.absa.co.za.
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SOURCE: The Western Union Company
Western Union:
Lisa McConnell, +27 11 549 3310
lisa.mcconnell@intl.westernunion.com
or
Absa:
Patrick Wadula, +27 11 350 5768
patrick.wadula@absa.co.za
Copyright Business Wire 2010