Banorte’s UniTeller banking network paves the way for Western
Union direct transfers to more than 60 million individual bank accounts1
ENGLEWOOD, Colo. & MEXICO CITY--(BUSINESS WIRE)--
The Western Union Company (NYSE: WU), a leader in global payment
services, today announced it will launch international direct to bank
money transfers to Mexico from the United States via the Grupo
Financiero Banorte’s UniTeller network.
An agreement recently signed between Western Union and UniTeller, will
allow Western Union customers in the US to send cash directly into
qualifying bank accounts – totaling more than 60 million individual bank
accounts1. The UniTeller network currently covers top
banks in Mexico.
Planned for launch in the first quarter of 2015, customers will be able
to send international money transfers direct-to-bank from participating
retail Agent locations, www.westernunion.com
and directly from Western Union smart phone mobile applications from the
US.
Ricardo Velazquez, Head of International Banking, Trade Finance and
Financial Institutions of Grupo Financiero Banorte, said:
“UniTeller and Banorte are leaders in Mexico in the offering of
financial services to the beneficiaries receiving money from their
relatives abroad, continuously seeking for new ways to process
international transfers. With this agreement, beneficiaries of
remittances in Mexico will find it very convenient to open an account at
our bank and directly receive the funds through Western Union with the
benefit of value added banking services.”
“This agreement is a result of the competitiveness of our Remittance
Platform and will enhance the international payment services for our
customers in Mexico. As a leader of remittance processing services,
UniTeller continues to support the end to end services for our customers
in Mexico and abroad,” added Alberto Guerra, CEO of UniTeller
Financial Services at Grupo Financiero Banorte.
Odilon Almeida, President Americas and European Union of Western Union,
said: “Thanks to this international collaboration, Western Union
customers in the United States can send money directly into Banorte
accounts and soon to other Mexican banks giving customers new choice
based on their use, need and convenience.
“We are excited to offer our customers in Mexico a new way to
conveniently receive money. Although receivers in Mexico continue to
have a strong preference for cash and our retail growth has been solid,
we believe the direct to bank services will bring in new types of
consumers who prefer to receive funds in accounts.
“Expanding into the banking channels of Mexico in collaboration with
UniTeller is a significant development; we are proud to uphold our
promise to continually enhance convenience and choice for our
customers,” said Almeida.
Western Union’s direct-to-bank product cements the company’s advancement
into the bank remittance segment. More than $528 billion was moved
across the world in 2013 in remittances according to the World Bank2.
Western Union offers direct-to-bank services in 50 countries including
seven of the world’s top 10 remittance receiving developing countries2—India,
China, Philippines, Egypt, Pakistan, Bangladesh, Vietnam and soon to be
Mexico.
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.
About UniTeller
UniTeller is an International Money Payments Processor based in the
United States and one of the largest players in Money Transfers to
Mexico, Latin America and Asia. Uniteller is a whole subsidiary of Grupo
Financiero Banorte, one of the largest financial groups in Mexico and
Latin America.
About Grupo Financiero Banorte
Grupo Financiero Banorte (GFNorte ) is one of the leading Financial
institutions in Mexico. After merge IXE Grupo Financiero, formed the 3rd
-largest financial group, and the largest, controlled by Mexican
shareholders, with a current network of 1,267 branches, over 7,000 ATMs,
over 4,900 banking correspondents and more than 63,000 POS terminals.
GFNorte offers products and brokerage services, credit to businesses and
families, estate consulting, investment companies, leasing and
factoring, warehousing, insurance, pensions and retirement savings.
It has the main Administrator Retirement Funds in Mexico, Afore XXI
Banorte. Grupo Financiero Banorte has presence in southern Texas through
Inter National Bank, as well as New Jersey and California through money
transfer companies UniTeller and Motran, and New York, through Banorte
Securities International.
It is one of the banks with better asset quality indicators of the
Mexican financial system and has high levels of capitalization and
liquidity.
1 Source: Mexican National Banking and Securities
Commission (CNBV)
2 Source: World Development Indicators
and World Bank Development Prospects Group (Top
10 Recipient of Remittances Rank - 2013e)
WU-G
Source: Western Union