The Western Union Company (NYSE: WU), a leader in global payments, and Acxsys Corporation, a recognized leader in debit payments services, today announced an agreement to offer Western Union domestic and international money transfer services to financial institutions in Canada offering the Interac e-Transfer service.
The agreement paves the way for expanded access to money transfers for Canadian customers via the enhanced Interac e-Transfer service and Western Union system. Previously, the Interac e-Transfer service permitted account-to-account transfers only within Canada.
The agreement will expand the Interac e-Transfer service by giving banking customers the ability to send and receive money transfers directly through their online and mobile bank accounts, with funds accessible for pay out at more than 485,000 Western Union® Agent locations in more than 200 countries and territories.
"Our agreement with Acxsys Corporation is an illustration of the continuing changes taking place at Western Union and our aggressive efforts to expand the company's business to new consumer and Agent segments in Canada, including financial institutions," said Stewart A. Stockdale, executive vice president and president, Global Consumer Financial Services, Western Union.
Stockdale concluded, "By entering into this agreement, Western Union and Acxsys Corporation will help meet the prevailing need for Canadian financial institution customers to conveniently send money around the corner and the world, with fund payout options. Clearly, Acxsys Corporation is a great partner for us and we look forward to growing this business together with them."
The Western Union global money transfer service enhancement will be made available to the expanding list of over 90 financial institutions in Canada currently offering the Interac e-Transfer service.
"Customers love Interac e-Transfer and with the global Western Union network, we can give customers more options to serve their money transfer needs," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "We will be working together to introduce the expanded service to financial institutions across Canada."
Interac e-Transfer provides a fast and secure way to send and receive money almost instantaneously from one Canadian bank account to another through online or mobile banking, by either using a mobile phone number or an email address. Money never travels by email or text message; this is used only to notify the recipient and to provide the recipient with instructions on how to deposit the money.