Western Union launches Direct-to-Bank Money Transfers to China
with China UnionPay and Account-Based Money Transfers to the World’s
Largest Bank, Industrial and Commercial Bank of China
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
The Western Union Company (NYSE: WU) a leader in global payment
services, today significantly expanded into China’s banking channel,
paving the way for international direct-to-bank remittances into China
from 23 countries while also expanding its international Account-Based
Money Transfer service.
Western Union customers can send direct-to-bank money transfers to China
from 23 countries via select retail locations and www.westernunion.com
online money transfer sites1. This unprecedented agreement
with China UnionPay’s ChinaPay enables Western Union to reach more than
95 percent of all personal bank accounts in China.
In addition, Western Union has launched Account-Based Money Transfers
with one of the world’s largest banks, Industrial and Commercial Bank of
China (ICBC). The agreement enables more than 400 million ICBC customers
to direct Western Union money transfers received from more than 200
countries and territories into their bank accounts via online banking 24
hours a day, seven days a week.
“Western Union’s unique global retail network and recent investments in
technology continue to enable the company to expand and attract global
and regional business across the industry, including banks, payments
networks and mobile operators,” said Hikmet Ersek, President and CEO of
Western Union.
“Western Union’s integration of its global retail network and digital
channels, including westernunion.com, with leading financial services
providers such as China UnionPay’s ChinaPay and Industrial and
Commercial Bank of China is innovation at its best – delivering tailored
Western Union financial services to meet consumer needs.”
Western Union President and CEO Hikmet Ersek is in Dalian, China as a
lead mentor at the World Economic Forum meeting. He officiated at an
event with Guo Rongli, Chief Financial Officer of China UnionPay and
Chairwoman of UnionPay Merchant Services today and will participate in
an event with Jiang Jianqing, Chairman of ICBC, on Wednesday, Sept. 12.
“Western Union, China UnionPay and Industrial and Commercial Bank of
China share a common vision: moving money from different parts of the
world, giving customers choice and convenience, and helping them grow
and achieve their potential,” Ersek said.
In 2012, Western Union moved money from 197 countries into China, which
demonstrates the significance of the company’s cooperating partnerships
in China.
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, 2013, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 520,000 agent locations in 200 countries and
territories and approximately 115,000 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.
About China UnionPay / ChinaPay
Established in March 2002, China UnionPay is a bankcard
association, owns about 400 domestic and overseas associate members,
based in Shanghai, China. It operates an inter-bank transaction
settlement system between banking systems and the inter-bank,
cross-region and cross-border usages of bankcards issued by associate
banks. In order to meet the growing demand for card use of the Chinese
in overseas business, travel and study, UnionPay is dedicated to the
construction of an international acceptance network. As of today,
UnionPay cards have been accepted in 141 countries and regions outside
China. For more information, visit www.unionpay.com.
ChinaPay E-Payment Services belongs to China UnionPay. As the
earliest established third-party payment company in China, ChinaPay is
the first unified payment gateway internet company in China. As a
leading payment and value added payment service provider, ChinaPay
spearheaded comprehensive payment solutions to enterprises, institutions
and cardholders, based on UnionPay’s professional bankcard service
system. For more information, please visit www.chinapay.com
About Industrial Commercial Bank of China
Industrial and Commercial Bank of China Limited (Stock Code
SH:601398;HK:1398), is the top large listed bank in the world in terms
of market capitalization, customers’ deposits and profitability,
possessing an excellent customer base, a diversified business structure,
strong innovation capabilities and market competitiveness. The Bank
provides comprehensive financial products and services to over 4 million
corporate customers and 400 million personal customers by virtue of the
distribution network consisting of over 17 thousands domestic
institutions, 400 overseas institutions and over 1,600 correspondent
banks worldwide, as well as through its E-banking network comprising a
range of internet and telephone banking services and self-service
banking centers, basically forming an internationalized trans-market
operating structure focusing on commercial banking business and
maintaining a leading position in the domestic market in commercial
banking areas. For more information, visit www.icbc-ltd.com.
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1 Retail countries: UK, France, Canada, Malaysia,
Singapore
westernunion.com sites: UK, France, Germany, Norway, Sweden,
Italy, Netherlands, Ireland, Spain, Switzerland, Belgium, Denmark,
Finland, Poland, Portugal, Greece, Estonia, Luxembourg, New Zealand
WU-G
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Source: Western Union