VIENNA--(BUSINESS WIRE)--
More than 150 financial industry experts are meeting in Vienna today to
discuss how to better meet consumer financial service needs in Europe
while ensuring consumer protection and enabling growth. The Executive
Business Forum, organised by Western Union and the U.S. Embassy, will
hear keynote opening addresses from Governor Ewald Nowotny from the
Central Bank of the Republic of Austria, William C. Eacho, the U.S.
Ambassador to Austria, and Hikmet Ersek, Western Union’s President and
CEO. On Tuesday evening, attendees were addressed by Ernst Welteke,
former President of the Deutsche Bundesbank.
In his opening remarks to the Executive Business Forum, Hikmet Ersek
said, “The European payments industry is undergoing significant change,
particularly regulatory change, and the rules governing our industry are
being fundamentally rewritten. This change in Europe must enable
economic growth, consumer choice and protection, as well as mobility and
social inclusion.”
The forum, Driving Growth in Regulated Financial Markets – Challenges
for the Financial Services Sector in Europe, featured nearly 20
financial leaders from across Europe and the U.S., who represented the
European Commission, banks and financial regulators.
In his keynote address, Governor Nowotny provided a broader financial
perspective, saying “The European central banks were able to counter the
financial crisis with a series of assertive measures. However, for
long-term stability it will be essential to establish higher capital
ratios, as well as additional regulatory rules.”
The Executive Business Forum follows a two-day meeting of Western
Union’s European agents and compliance experts, who discussed the latest
trends and how best to protect consumers against financial crimes.
Hikmet Ersek said, “It’s vital that consumers are protected when using
financial services, especially payments, and that’s why Western Union is
committed to regulation to prevent financial crime, and invests a
significant amount each year in its financial compliance activities.”
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 March 31, 2013, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 515,000 agent locations in 200 countries and
territories and approximately 100,000 ATMs. In 2012, The Western Union
Company completed 231 million consumer-to-consumer transactions
worldwide, moving $79 billion of principal between consumers, and 432
million business payments. For more information, visit www.westernunion.com.
WU-G
Source: Western Union