President and CEO Hikmet Ersek announces commitment at the Clinton
Global Initiative to help NGOs bridge the last mile
NEW YORK--(BUSINESS WIRE)--
The Western Union Company (NYSE: WU), a leader in global payment
services, today announced its commitment to creating a financial
platform specifically designed to meet the payment needs of non-profit,
non-governmental organizations (NGOs) and the people they serve.
The platform, Western Union® NGO Global Pay, will be
created to help NGOs overcome the ‘last mile’ and bridge the gap between
funds that need to be disbursed and the people who need them in the
field.
Hikmet Ersek, President and CEO of Western Union, spoke on the opening
day of the Clinton Global Initiative Annual Meeting in New York to
announce the company’s new Commitment to Action.
“I am very excited by our new commitment,” said Mr. Ersek. “Many NGOs
face persistent challenges delivering money to those who need it most.
Western Union® NGO Global Pay will help them overcome
these challenges and get funds into the field safely and securely. It
will be an end-to-end financial platform that will combine Western
Union’s innovative payment products with our unparalleled global reach,
meaning NGOs will be able to reach millions of people with vital funds
faster and more effectively than ever before.”
Western Union® NGO Global Pay will for the first time combine
the dedicated business-to-business payment products offered by Western
Union Business Solutions with the global infrastructure of the Western
Union Agent network. Specifically, it will leverage the company’s
510,000 physical locations to help connect NGOs to the people they serve
in over 200 countries and territories around the world.
Mr. Ersek continued, “Western Union is dedicated to serving the
underserved – which often includes NGOs – and we will continue to work
hard to increase their access to better, more inclusive financial
products.”
Western Union will work with NGO partners, including the International
Children’s Fund and Peace International, to design financial products
that will promote efficiency and transparency via:
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New capabilities for moving funds via Western Union’s global network
of 510,000 Agent locations, helping to solve the last mile challenge
and enabling a more rapid response in times of crisis;
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A wider array of pay-out options (including cash, bank accounts,
mobile phones, and prepaid cards) for nonprofits to send funds to
their field staff and beneficiaries;
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Tools to help NGOs monitor and report on fund disbursement, enabling
greater end-to-end transparency and accountability;
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Currency risk management solutions that can help shield NGOs from
exchange rate fluctuations;
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A portfolio of products that will enable NGOs to receive and manage
incoming funds in multiple currencies efficiently, including
integrated invoicing and tracking tools and new donation fulfillment
capabilities that offer individual donors the opportunity to give
online or in person via Western Union’s global Agent network; and
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Financial education for NGOs on topics from mobile money to currency
exchange, helping them better manage scarce and vital funds.
Western Union® NGO Global Pay will launch with select
NGO partners in November 2012 with further expansion planned for 2013.
The product, which represents Western Union’s new two-year Clinton
Global Initiative Commitment to Action, will be fully in force by the
end of 2014. It also builds on key insights from Western Union’s
successful CGI commitment, the Our World, Our Family® program,
a $50 million commitment to foster greater economic opportunity for more
than five million people worldwide.
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 Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of June 30, 2012, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 510,000 agent locations in 200 countries and
territories. In 2011, The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of
principal between consumers, and 425 million business payments. For more
information, visit www.westernunion.com.
WU-F, WU-G
Source: Western Union