BRUSSELS--(BUSINESS WIRE)--
Over 200 financial industry and regulatory experts are meeting in
Brussels today at the European Business Forum, hosted by Western Union,
to discuss how to enable innovation in the payments industry to better
meet consumer and business financial service needs in Europe, while
meeting regulatory compliance.
The aim of the European Business Forum is to facilitate dialogue between
key industry stakeholders on the EU’s regulatory framework, and its
scope to sustain and enable innovation in payments. This is the second
forum hosted by Western Union. It reflects the company’s commitment as a
leader in the payments industry to ensure customer needs are understood,
while meeting regulatory compliance.
The European Business Forum will hear key note addresses from Mario
Nava, Director for Financial Institutions from the European Commission,
and from Western Union’s President and CEO, Hikmet Ersek, along with an
expert panel discussion. Attendees are drawn from the European
Commission and European Parliament, and regulatory authorities, banks
and payment institutions, amongst others, from across Europe.
Hikmet Ersek, in his opening remarks, said, “There has never been a more
fascinating or exciting time to be involved in the European payments
space. New consumer needs are evolving, innovations, fuelled by digital
and mobile technologies, are quickly emerging and new players are
constantly arriving on the scene, bringing new business models. In this
setting, regulatory and legislative authorities have a difficult balance
to strike. New legislation, such as the Payment Services Directive 2,
needs to ensure choice and competition, and harmonized regulation across
the EU.”
The forum is then followed by a compliance conference attended by
Western Union agents and partners from across Europe to focus on best
practice in anti-money laundering measures and fraud protection.
Hikmet Ersek, said, “It‘s vital that consumers and businesses are
protected when using financial services, especially payments and
remittances, and that’s why Western Union is committed to regulation to
prevent financial crime. To meet this commitment, we continue to focus
on our compliance efforts as a priority for our business.”
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, 2014, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined
network of over 500,000 agent locations in 200 countries and territories
and over 100,000 ATMs and kiosks. In 2013, The Western Union Company
completed 242 million consumer-to-consumer transactions worldwide,
moving $82 billion of principal between consumers, and 459 million
business payments. For more information, visit www.westernunion.com.
WU-G
Source: Western Union