09 December 2016
Visit aciworldwide.com

Western Union expands China presence

11 September 2013  |  1809 views  |  0 Source: Western Union

The Western Union Company (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. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit aciworldwide.comVisit contisgroup.com

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7744 views 12 comments | 15 tweets | 27 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7662 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
7580 views comments | 36 tweets | 30 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
7033 views comments | 34 tweets | 46 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6608 views comments | 20 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job