DENVER–(BUSINESS WIRE)– Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement and payments, has launched WU® Incoming Payments for Legal, targeted at small and medium-sized law firms to help manage the administration and foreign exchange volatility often associated with foreign invoices. This new solution, available in the United States, addresses a pain point in the industry: law firms who incur bank processing fees with incoming foreign payments.
Foreign receivables, regardless of the amount, often have a bank or processing fee associated with them. The Incoming Payments for Legal solution helps eliminate those fees.
By setting up the law firm’s invoicing system through Western Union Business Solutions, firms can invoice an overseas vendor in their local currency. The payment is directed to a Western Union Business Solutions account held in the local currency, helping avoid currency exchange volatility and bank fees. Once Western Union Business Solutions receives payment from the law firm’s vendor, it initiates the process of moving the foreign currency to the law firm’s account, crediting the firm’s account in USD.
With 30 years’ experience working with more than 700 law firms worldwide, Western Union Business Solutions is an expert in streamlining firms’ domestic and cross-border payments. As a trusted partner to the legal industry, we provide an end-to-end payments solution to simplify complicated payments processes and drive efficiencies.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of December 31, 2019, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 70 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
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Source: The Western Union Company