Western Union Announces Enhanced Innovation to Support Global Trade: Technology Creating Borderless Economies for SMEs

Press Release By Western Union Published OnJuly 18, 2016

LONDON–(BUSINESS WIRE)– Western Union Business Solutions, a business segment of The Western Union Company (NYSE:WU) and a leader in global payment services, today announces enhanced capabilities to its WU® EDGE digital trading platform, including expansion of the platform’s fee-free* network, and availability into seven new markets: Hong Kong, Austria, France, Germany, Italy, Poland and the Czech Republic.

Upon launch, the new fee-free* network payment feature will expand to 51 currencies across 13 countries, with the speed of cross-border payments also increasing to allow transferring funds from buyers to sellers on the WU EDGE platform within minutes.

Kerry Agiasotis, President of Western Union Business Solutions, said, “Buying and selling overseas has never been easier, it’s now possible to make an international business payment in minutes.”

The Enterprise Digital Global Exchange ‘EDGE’ is the latest technological innovation launched by Western Union Business Solutions and is being expanded from its initial launch into six key markets (UK, US, Canada, Australia New Zealand and Singapore) to 13 (Hong Kong, Austria, France, Germany, Italy, Poland and the Czech Republic).

Kerry Agiasotis added, “Since the launch of the WU EDGE platform businesses across the world have used the platform to support their aspirations to grow, invest and deliver the jobs of the future. We are very proud of today’s announcement, we view ourselves as business partners to our SME customers.”

“This continuous evolution around the WU EDGE platform is just the beginning. We want to connect buyers and sellers all over the world. And connect them on a single B2B platform that powers real-time connections and payments across the globe,” concluded Agiasotis.

The WU EDGE platform helps businesses with international needs by:

  • Connecting buyers and sellers – The WU EDGE platform unifies AP (accounts payable) and AR (accounts receivable) workflows with Electronic Invoice Presentment and Payment (EIPP), aligning buyers and sellers through a single global platform. SMEs can invite existing and new partners to trade globally and interact with them in real-time to potentially enhance trade and growth.
  • Empowering insights and analysis – The WU EDGE platform provides actionable insights to help businesses navigate foreign exchange risks and opportunities resulting from international payments. Powerful business tools available in the foreign cash management and trade intelligence modules provide customers with new insights for optimizing their cash flows and profits.
  • Increasing confidence to transact across borders – The WU EDGE platform gives SMEs the confidence to conduct business efficiently at scale around the world. This new capability leverages Western Union’s unique global footprint and Business Solutions’ in-country bank account network to transfer funds cost effectively between buyers and sellers in minutes.

* Western Union Business Solutions makes money from currency exchange.

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 March 31, 2016, 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 over one billion accounts. In 2015, The Western Union Company completed 262 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 508 million business payments. For more information, visit www.westernunion.com.


Source: Western Union

Western Union

Dan Diaz, 1 720-332-5564 or 1 303-547-2347

Vice President, Global Corporate Communications