The Western Union Company (NYSE: WU), a leader in global payment services, and Acxsys Corporation, a leader in electronic payment services in Canada, today announced their respective agreements with BMO Bank of Montreal, the Canadian retail banking arm of BMO Financial Group (TSX: BMO) (NYSE: BMO).
The agreements will allow BMO Personal Banking customers to conduct online Western Union Money Transfer transactions directly from their accounts via Acxsys Corporation's Interac e-Transfer platform, to Western Union® Agent locations in Canada and more than 200 countries and territories worldwide. The agreements are expected to be implemented in the first quarter of 2013.
"Our customers increasingly look to BMO to help them remain connected to family, friends and businesses worldwide, and that is especially true of the growing number of new Canadians who regularly send money to family overseas," said David Heatherly, Head, North America Payments - Personal and Small Business, BMO Financial Group. "The agreements with Western Union and Acxsys Corporation will make it easier for our customers to send remittances around the world, from the convenience of their home and personal computers."
"Western Union is positioned at the nexus between cash and electronic technologies," said Odilon Almeida, President, Americas, Western Union. "We are combining our traditional strengths - a globally recognized brand and an international retail presence - with account-based money transfers, mobile services and cross-border platforms for global businesses, to meet the needs of today's consumers, who require more options across different technologies."
"We are excited to extend the speed and convenience of the Interac e-Transfer platform to BMO customers, enabling them to send money globally," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "Interac e-Transfer, a trusted brand, is currently offered by more than 150 financial institutions in Canada. BMO is the first bank to offer its customers the ability to use the Interac e-Transfer platform to send account-based money transfers through the international network of Western Union Agents."