Western Union Business Solutions opens new offices in
Frankfurt and Vienna
Expanded presence will bring specialist payment services to Austrian
and German SMEs
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
Western
Union Business Solutions, a unit of the Western Union Company
(NYSE:WU), a leader in global payment services, today announced the
launch of new offices in Frankfurt, Germany and Vienna, Austria.
Dedicated teams will bring improved international payments services to
companies and organizations that operate internationally in both
markets, particularly in the SME sector. These services include
financial products designed specifically to support small and medium
sized importers and exporters, allowing customers to execute payments in
over 135 currencies to over 200 countries and territories around the
world.
“I am very excited to be expanding our presence in Germany and Austria,"
said Raj Agrawal, President, Western Union Business Solutions.
“Navigating the world of international payments can be a challenge,
especially for SMEs whose time and resources are often stretched. Our
services will help demystify that process and improve the efficiency and
ease of their cross-border payments, so they can focus on growing their
business.”
Combined, there are over 2 million SMEs in Germany and Austria.1
Germany exported over €1 trillion worth of goods in 2011 according to
the Federal Statistic Office, while German imports were valued at €903
billion.2 Austrian exports were valued at €121 billion with
imports at €131 billion over the same period.3
“German and Austrian SMEs are renowned for their ingenuity and
resilience,” Mr. Agrawal continued. “The Mittelstand is a key driver of
economic growth which is why giving SMEs the scale and service they
deserve is vital to help them compete in the global market. Our ability
to execute local currency payments around the world is unrivaled and
will support customers’ efforts to negotiate better terms of trade and
protect margins against unexpected currency fluctuation.”
The opening of German and Austrian offices is a key element of Western
Union Business Solutions’ European expansion strategy as it grows its
global presence and follows on recent launches in countries including
Jordan, Chile and Poland.
Western
Union Business Solutions enables companies of all sizes to send and
receive international payments and manage foreign exchange, creating
unique solutions tailored to suit their FX needs. Western Union is a
leading nonbank provider of business payments, operating its Business
Solutions services through locally licensed affiliates and partners in
29 countries. Supported by a network of trading offices, strategic
banking relationships and a proprietary global clearing network,
businesses can send cross-border payments in more than 135 currencies.
Services in Austria and Germany will be offered via the Western Union
International Bank, which is headquartered in Vienna.
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.
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1 http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2012/germany_en.pdf
; http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2012/austria_en.pdf
2
https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/ForeignTrade/TradingPartners/Current.html
3
http://www.statistik.at/web_en/statistics/foreign_trade/foreign_trade_absolute_data/index.html
Source: Western Union