Western Union (NYSE:WU), a leader in global payments, and its official representative in Lebanon, Online Money Transfer SAL, have extended their business relationship with an agreement to offer the Western Union Business Solutions payments service across the country.
With this five-year agreement, Lebanon becomes the second country in the Middle East to offer Western Union's international business payments service.
Western Union Business Solutions is a reliable, flexible and easy-to-use service, providing international payment services, foreign exchange solutions, risk management consultation, online FX payments and corporate account management services to clients of all sizes. The Business Solutions suite of services not only helps connect businesses across the world, it also helps small- and medium-sized enterprises (SMEs) that are underserved to gain a competitive advantage through the company's strategic relationships and strong global network.
Commenting on the agreement, Jean Claude Farah, Western Union's Senior Vice President for the Middle East and Africa said, "This agreement with OMT not only expands the Western Union Business Solutions platform in this region but will also help businesses in Lebanon to overcome any previous challenges they faced with their cross-border payment needs. We are very excited by our entry into this new consumer segment in Lebanon as 99% of all businesses in the country are SMEs."
As part of the agreement, Western Union Business Solutions will train select OMT employees to provide the suite of services.
"As the need for international payment transfers in Lebanon increases, so does the need for an easy and reliable business payment solution. Designed specifically for commercial use, and considering that cross-border commercial payments are essential with globalization, Western Union Business Solutions allows companies to send and receive payments 24 hours a day, 7 days a week, across the world. We are excited about this new service and expect more signings over the next few months across various regional markets," said Raj Agrawal, General Manager of Western Union Business Solutions.
Toufic Mouawad, Chairman of OMT, added, "One of our objectives as an organization is to continuously strive to provide our customers with diverse, innovative and sustainable financial services and solutions, which is the core of our business relationship with Western Union. The Western Union Business Solutions platform will open the door for a number of growth opportunities for both organizations. This service, which customers can access via telephone, online and in some cases in-person, will help us to cater to the payment needs of the rapidly expanding business sector in Lebanon through our network of over 900 locations."