New Services Part of Company's Strategy to Drive New Electronic Channels
ENGLEWOOD, Colo. & HONG KONG, Jul 21, 2010 (BUSINESS WIRE) --
The Western Union Company (NYSE:WU), a leader in global payment services, today announced the launch of account-based money transfer (ABMT) services to two new Asia-Pacific markets, Korea and India.
The service offering introduced for the first time in both markets follows agreements with Western Union's existing agents in the two countries: Industrial Bank of Korea (IBK) and the State Bank of India (SBI).
IBK customers with online banking facilities are now able to send money from their accounts to friends or relatives at any Western Union Agent location in 200 countries and territories (account-to-cash). Conversely, consumers, including Indians working and living overseas, will be able to make cash transfers from any Western Union location to SBI online banking-linked accounts effective early 2011 (cash-to-account).
"The introduction of Western Union account-based money transfer in Korea and India underscores our commitment to driving new electronic channels that will provide choice for existing customers and increase convenience in addition to expanding our user base," said Drina Yue, Managing Director and Senior Vice President, Western Union Asia Pacific.
"The combination of Western Union(R) Money TransferSM services and online banking gives bank customers a paperless, secure and faster alternative to visiting bank branches or Western Union Agent locations."
Account-Based Money Transfer forms part of Western Union's electronic channels strategy as the company seeks to offer a variety of ways to transfer money for new and existing customers.
Western Union first introduced ABMT to Asia in Malaysia in 2008; ABMT services are now available at both CIMB and Public Bank. Western Union ABMT is offered around the world through 17 banks in Europe, the Middle East, the Americas and Asia Pacific.
IBK has 10 million accountholders, of which 4 million are registered for online banking. The Western Union-IBK ABMT service complements the bank's nationwide network of over 584 branches offering the Western Union(R) Money TransferSM service.
SBI has 110 million accountholders; more than 4 million are registered for online banking. Western Union-SBI ABMT complements the nationwide network of over 12,000 SBI branches currently offering the Western Union(R) Money TransferSM service. Western Union has more than 59,000 Agent locations in India.
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 IBK
Since its establishment in 1961, Industrial Bank of Korea has been committed to honoring its charter of financing small and medium-sized enterprises. IBK successfully continues the traditional role of promoting independent economic activities of SMEs maintaining a dominant market position in SME loans. In recent years, the Bank has extended the scope of its expertise to provide a comprehensive range of financial services to individual customers in a quest to emerge as a leading financial services group. Moreover, IBK boasts the highest credit rating amongst all Korean financial institutions. IBK holds 584 domestic branches and 15 international networks. For more information, visit www.ibk.co.kr.
About State Bank of India
State Bank of India, with a 200-year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the largest shareholder, with 59.73% share holding. Recently SBI got the prestigious international award "Innovations in Banking Technology Award 2010" instituted by The Banker London. The Bank has also been conferred the Asian Banker Award "Strongest Bank in Asia Pacific Region" in a recently held function at Singapore. For more details, visit www.statebankofindia.com.
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SOURCE: Western Union
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Kristin Kelly, +1-720-332-4751
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