The Western Union Company (NYSE:WU), a leader in global payment services, received license approvals from the Brazilian Central Bank and President Luiz Inácio Lula da Silva to operate a commercial bank and foreign exchange brokerage firm in Brazil.
Effective immediately, the license allows Western Union to offer the Western Union® Money TransferSM services directly to consumers in Brazil and to introduce new financial services, including domestic money transfers, consumer bill payments and prepaid cards.
"Our goal is to offer throughout Brazil, a diversified range of fast, reliable and convenient financial services to complement our money transfer business, including the development of electronic channels and payment services to serve consumers better," said Stewart A. Stockdale, President, The Americas and EVP Global Cards and Global Key Accounts, Western Union.
"Western Union will continue to work closely with its Bank and Exchange Broker Agents in Brazil," concluded Stockdale.
Western Union has provided its international money-transfer service in Brazil since 1998, through its Agent network that currently includes nearly 6,000 bank and foreign exchange brokerage firm locations.
Odilon Almeida, Senior Vice President and General Manager South America, Western Union added, "As a world leader in global payments, our goal is to hold this position among consumers in Brazil. Our innovative history of more 150 years will help address and serve the needs of consumers in Brazil."