The Western Union Company (NYSE:WU), a leader in the money-transfer segment of global payments, and Banco do Brasil, the largest financial institution in Brazil, announced today the Western Union Money Transfer Money in Minutes service is now available online in Brazil to Banco do Brasil banked consumers through the bank's Web site.
"Our relationship with Western Union offers Banco do Brasil the ability to complement its range of products and services to reach new consumer segments and meet the unique needs of the diverse communities it serves," said Admilson Monteiro Garcia, Managing Director Banco do Brasil International Business Division. "We see Western Union as a strategic brand that, in addition to our Brazilian market and banking expertise, will help Banco do Brasil to continue offering innovative financial services to new and existing consumers and to those who prefer online banking."
The online money-transfer service arrangement with Banco do Brasil is an important step in Western Union's "go-to-market" strategy in Brazil. As Western Union expands its money-movement service offerings, and in an effort to strengthen both its relationship and value proposition with consumers, the company looks to tap into cash, account and card-based solutions.
Stewart A. Stockdale, President The Americas and EVP Global Cards and Global Key Accounts, said, "Our relationship with Banco do Brasil to offer online money transfer is part of Western Union's new focus on identifying and driving the development of best-in-class services to expand the company's business to new consumer segments in Brazil."
"Whether it is cash, account, or card based, our expanding global money-movement network provides consumers more ways to move money quickly to more places worldwide."
The Western Union Money Transfer service has been available in Brazil since 1997, when both companies started the relationship, providing international money-transfer services through Banco do Brasil's network that currently includes more than 5,800 locations.