Bank of China to offer Western Union money transfer services across mainland branches

Source: The Western Union Company

The Western Union Company (WU), a leader in global payment services, and Bank of China Limited (SEHK:3988, SSE:601998) announced today that the bank will offer Western Union Money Transfer® services at its branches and sub-branches throughout mainland China.

The services, to be rolled out from January, are expected to allow consumers to receive international remittances at over 10,000 Bank of China locations in provinces and regions throughout mainland China.

Jean Claude Farah, President, Middle East, Africa, Asia Pacific, Eastern Europe & CIS, for Western Union said, “This signing with Bank of China is a historic moment for Western Union. Bank of China is one of the world’s leading financial institutions, serving as China’s financial link to the world for over 100 years. Connecting people across borders is a heritage we share. We welcome Bank of China to the Western Union family and look forward to working together to offer fast, reliable and innovative services to consumers throughout the country.”

Mr. Zhu Shumin, Executive Vice President of Bank of China, said, “Cross-border financial services have always been Bank of China’s competitive edge and key focus. Western Union is one of the world’s largest and most experienced international money transfer companies, and Bank of China is the most international and diversified Chinese commercial bank. Our cooperation will allow our joint customers to enjoy an even bigger range of remittance products, more convenience and raise our service standards. Through our collaboration, I hope that we can explore new areas of cross-border business and continually develop new products to satisfy the diverse needs of cross-border customers.”

The two companies plan to allow Bank of China customers to receive remittances directly into their online banking-enabled accounts and at selected self-service kiosks. These services are expected to be introduced in 2015 and are part of Western Union’s omni-channel strategy that bridges the customer retail experience with digital innovation.

Western Union® services have been available in China since 1995. With the addition of Bank of China’s ith the addition of Bank of China’s branches and sub-branches, Western Union Money Transfer® services will be available at over 32,0001 locations nationwide in cooperation with 15 Agents.

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