The Western Union Company (WU), a leader in global payment services, and MasterCard (MA) today formalized a deal that will enable remittances originated from nearly anywhere across the globe to be received on Maestro and MasterCard consumer cards using automated teller machines (ATMs) across Romania, one of the largest remittance receivers in Eastern Europe.
An innovative tripartite agreement between Western Union, MasterCard and Banca Transilvania (BT) will provide the choice to millions of cardholders to withdraw international remittances from over 900 BT owned ATMs in Romania. The service is expected to be activated later this year.
The initiative realizes Western Union’s strategy in giving customers choice; while adding to the company’s growing foray in directing global remittances into account-based channels.
“This is a ground-breaking deal which brings together the unique capability of Western Union’s global cross-border capability spanning 200 countries and territories, MasterCard’s world-leading payment capabilities and the domestic network of Romania’s third largest bank,” said Odilon Almeida, President of the Americas and European Union, Western Union.
“In an age when speed, convenience and trust mean everything for people using Western Union, we are committed to making it easy, fast and dependable for our customers to access their funds— nearly anytime, nearly any way and almost anywhere in the world,” he said.
“Senders will still be able to use any of Western Union’s global cash or digital pay-in options. Now MasterCard and Maestro cardholders in Romania will be able to withdraw these funds quickly in cash or load the funds directly onto their cards. We are putting customers in the driver’s seat to access their international remittances with the convenience, efficiency and control that so many are seeking,” he added.
More than 16.5 percent of Romanians live outside of Romania’s borders, according to the International Organization of Migrationii. A significant number live in Italy, Germany and Spain. Collectively, these three countries account for more than 50 percent of cross-borders transfers into Romania.
“The agreement we announce today is a great showcase of how strong partnerships can continue to unlock the potential of MasterCard’s leading global payments technology. Together with Western Union, we are creating a simple yet innovative solution that is designed to enable MasterCard and Maestro holders to receive payments from anywhere in the world safely and securely,” said Ann Cairns, President International Markets, MasterCard.
“We are delighted to be offering our cardholders in Romania the opportunity to access their international remittances with even more convenience,” said George Simon, President, Central Eastern Europe, MasterCard.
“Providing convenient and quick ways for customers to access their funds has always been our high priority,” added Banca Transilvania CEO Omer Tetik. “Collaborating with Western Union - a leading global payments leader and MasterCard – the world’s leading payment processor means – we are making it easier than ever before for our customers.”