BMO the First Canadian Financial Institution to Offer Western Union
Money Transfer Services via the Interac e-Transfer Platform; BMO
Customers Can Send Money Globally Online
ENGLEWOOD, Colo. & TORONTO--(BUSINESS WIRE)--
The Western Union Company (NYSE: WU), a leader in global payment
services, and Acxsys Corporation, a leader in electronic payment
services in Canada, today announced their respective agreements with BMO
Bank of Montreal, the Canadian retail banking arm of BMO Financial Group
(TSX: BMO) (NYSE: BMO).
The agreements will allow BMO Personal Banking customers to conduct
online Western Union Money Transfer transactions directly from their
accounts via Acxsys Corporation’s Interac e-Transfer platform, to
Western Union® Agent locations in Canada and more than 200
countries and territories worldwide. The agreements are expected to be
implemented in the first quarter of 2013.
“Our customers increasingly look to BMO to help them remain connected to
family, friends and businesses worldwide, and that is especially true of
the growing number of new Canadians who regularly send money to family
overseas,” said David Heatherly, Head, North America Payments – Personal
and Small Business, BMO Financial Group. “The agreements with Western
Union and Acxsys Corporation will make it easier for our customers to
send remittances around the world, from the convenience of their home
and personal computers.”
“Western Union is positioned at the nexus between cash and electronic
technologies,” said Odilon Almeida, President, Americas, Western Union.
“We are combining our traditional strengths – a globally recognized
brand and an international retail presence – with account-based money
transfers, mobile services and cross-border platforms for global
businesses, to meet the needs of today’s consumers, who require more
options across different technologies.”
“We are excited to extend the speed and convenience of the Interac e-Transfer
platform to BMO customers, enabling them to send money globally,” said
Mark O’Connell, President and CEO, Interac Association and Acxsys
Corporation. “Interac e-Transfer, a trusted brand, is currently
offered by more than 150 financial institutions in Canada. BMO is the
first bank to offer its customers the ability to use the Interac e-Transfer
platform to send account-based money transfers through the international
network of Western Union Agents.”
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 September 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.
About BMO Bank of Montreal and BMO Financial Group
BMO Bank of Montreal is the Canadian personal and commercial banking
business of BMO Financial Group. Established in 1817 as Bank of
Montreal, BMO Financial Group is a highly diversified North American
financial services organization. With total assets of $525 billion as at
October 31, 2012, and more than 46,000 employees, BMO Financial Group
provides a broad range of retail banking, wealth management and
investment banking products and solutions.
About Acxsys Corporation and Interac Association
A recognized world leader in debit card services, Interac Association is
responsible for the development and operations of the Interac®
network, a national payment network that allows Canadians to access
their money through Interac Cash at 60,000 Automated Banking
Machines and Interac Debit at 766,000 point-of-sale terminals
across Canada. Interac FlashTM, a secure, contactless
enhancement of Interac Debit, allows Canadians to pay for items
instantly with their Interac chip debit card at a reader that
supports Interac Flash.
Interac Association was founded in 1984 and is comprised of a diverse
membership that includes banks, trust companies, credit unions, caisses
populaires, merchants and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders
are the architects of the Interac network, include: Interac Online,
for secure online payments made directly from a bank account; Interac e-Transfer,
for the transfer of money from one person’s bank account to another
person’s bank account using an email address or, where available, a
mobile phone number; and international services, which provide Canadian
cardholders with point-of-sale access at nearly 2 million U.S.
retailers, and PULSE, Discover, Diners Club International and UnionPay
cardholders access to ABMs in Canada.
Interac, the Interac logo, Interac Flash and Interac
e-Transfer are trademarks of Interac Inc. Used under license.
WU-G
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Source: Western Union