Western Union Business Solutions (WUBS), a division of the Western Union Company, has formed a strategic alliance with Hyperwallet to launch a new, global, mass payments product. This new product integrates the key strengths of both companies and can help change the way large volumes of business-to-consumer payments are made.
The Western Union Business Solutions mass payments product aims to redefine the way global business-to-consumer payments are made by addressing key cross border payment challenges and opening up new global commerce opportunities in four areas:
- Hyperwallet’s payments technology solution, enabling sender and receiver directed payments.
- Western Union’s global distribution and scale, spanning 200 countries and territories.
- The Western Union Business Solution global bank network, enabling payments in over 130 currencies.
- The Western Union Business Solution integrated FX management and advanced treasury services, to help manage the risk associated with foreign currency volatility.
Hyperwallet’s proven Mass Payments technology enables best-in-class receiver experience. This technology, coupled with Western Union global payments and FX services capabilities, can provide worldwide reach, transactional scale, and enhanced regulatory and compliance capabilities. This will enable new ways of doing business by opening a payments hub for emerging participants in the global economy – allowing companies to achieve greater visibility, certainty and efficiency in their financial operations.
Kerry Agiasotis, president of Western Union Business Solutions, said in an official press release: “Western Union has one of the most comprehensive payments ecosystems in the world, connecting businesses and consumers with financial choice. Whether they want to send one or a million payments to a bank account or cash location, we have a solution. By integrating our payments ecosystem with Hyperwallet’s platform, we have enabled a mass payment product that will help change how global payments are made today, while helping meet the rigorous compliance demands faced when making global payments.”
The Western Union Business Solutions mass payments product delivers on Western Union’s and Hyperwallet’s shared vision for providing a platform where payers and recipients have full visibility and certainty of their payments, while providing a best-in-class end-user experience.