The Western Union Company (NYSE:WU), a leader in global payment services, today announced that it has expanded its Online FX and Online FX for Mobile services to business clients wishing to make bank-to-bank payments from France, Germany, Ireland and Italy.
"We're excited to be extending our payments platform to a new client base, enabling small and medium enterprises in additional countries in Europe to pay their global suppliers online and from their mobile phones with speed, accuracy and reliability," said Raj Agrawal, President, Western Union Business Solutions. Online FX service is also available in the United Kingdom, and further expansion into additional European countries is scheduled for early 2012.
The International Monetary Fund forecasts that the import volume of goods and services in France, Germany, Italy and Ireland will grow at an average rate of 5.3% in 2011.1 The global cross-border payments market for small and medium enterprises is estimated to be $24 billion in potential revenues.
Online FX enables business clients to make and manage international payments 24 hours a day, 7 days a week from their computer or mobile device. Businesses can make payments in more than 140 currencies, check real-time exchange rates and fees, and receive live customer support. The online platform allows businesses to lock in exchange rates, and the recipient receives the precise amount expected.