PRAGUE–(BUSINESS WIRE)– Western Union Business Solutions, a leader in global payment services and division of the Western Union Company (NYSE:WU), today announced the launch of a new range of Risk Management Solutions, to make it easier for SME’s to run their businesses in the Czech Republic.
The full range of risk management solutions today are designed for businesses of every size, engaged in cross-border trade. The Western Union Business Solutions risk management solutions include a range of forwards to help small and medium sized businesses. For example, companies can now lock in a current exchange rate for a set period of time and flexible forwards, also known as currency options. This will allow them to effectively manage risk while taking advantage of positive changes in market exchange rates.
The addition of these risk management solutions provide protection against adverse market developments while giving businesses the opportunity to participate in favourable moves, usually for zero cost. The combination of flexible forwards and FX intelligence supports Western Union Business Solutions’ vision for a simple and cost effective way of making international payments.
“By offering a full suite of risk management solutions to small and medium-sized enterprises (SMEs), we can help businesses execute a simple but effective risk management plan with the right combination of risk management solutions to protect against currency volatility and ultimately support business growth,” said Tony Crivelli, Vice President, UK & EMEA Western Union Business Solutions.
“SMEs face many challenges when making international payments that can have a negative impact on their bottom line. This causes difficulty in forecasting cash requirements, and puts their profit margins at risk,” added Jitka Kunstová, Czech Country Manager, Western Union Business Solutions. “The introduction of flexible forwards will support business development and reduce risk of foreign payables and receivables.”
Currency Options in the Czech Republic will be sold by Western Union Business Solutions through Western Union’s wholly owned subsidiary, Western Union International Bank GmbH, organizacní složka. Western Union Business Solutions now offers Currency Option products in the UK, Australia, New Zealand, Singapore, Canada, United States of America, Austria, Germany, and France.
Western Union International Bank GmbH is a bank registered on a list of banks maintained by the Austrian Financial Market Authority (Finanzmarktaufsicht). Western Union International Bank GmbH, organizacní složka is registered on a list of banks and branches of foreign banks maintained by the Czech National Bank.
Western Union International Bank GmbH, organizacní složka is registered in the Czech Commercial Register held by the Municipal Court in Prague, identification number 015 55 332, has a registered place of business at Václavské námestí 62, 110 00 Prague 1, Czech Republic, and is a branch of Western Union International Bank GmbH (registration number 256184t) Schubertring 11, 1010 Vienna , Austria
About Western Union Business Solutions
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage global cash flow, creating unique solutions tailored to suit their individual needs. It is a business unit of The Western Union Company (NYSE: WU), a leading nonbank provider of cross border payments, which offers Business Solutions services in over 30 countries. Clients are supported by a network of trading offices, strategic banking relationships and a global clearing network and can send cross-border foreign exchange payments in more than 135 currencies.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to hundreds of millions of accounts. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit www.WesternUnion.com.
Source: Western Union
Liesl Smith, 44 (0) 7710 185864