Press Release – Western Union
Global Business Gets Easier with New Online Payment Platform AUCKLAND, New Zealand — December 4, 2012 — Doing business anywhere in the world has just become easier for New Zealand businesses with the launch of an online payment service from The …
Global Business Gets Easier
with New Online Payment Platform
AUCKLAND, New Zealand — December 4, 2012 — Doing business anywhere in the world has just become easier for New Zealand businesses with the launch of an online payment service from The Western Union Company (NYSE:WU).
The new service gives access to online payments 24-hours a day seven days a week in more than 135 currencies. Customers are able to make international payments to over 200 countries and territories around the world and takes advantage of the company’s global clearing network, one of the largest in the world, to enable local currency payments.
Called Western Union Business Solutions Online FX the service is specifically designed to meet the needs of small to medium sized enterprises that operate overseas and need to manage international payments at any time, whether they are using the office or home computer, or are on the move with a tablet or smart phone.
“This new online product will help Kiwi companies take advantage of business opportunities, wherever they are in the world. It uses Western Union’s existing list of over 135 currencies in which it transacts, and a network of countries where funds can be cleared locally. This new service is good news for business and the economy as a whole,” says Chris Wilson, Country Manager, New Zealand, Western Union Business Solutions.
“Operating abroad and moving money across borders are facts of life for New Zealanders, which is why we are pleased to be offering a service that is designed to make it easier for SMEs in particular to manage and maximize international opportunities with minimal cost,” he says.
There are just over 450,000 SMEs in New Zealand that account for around 44% of the economy’s total output on a value added basis1. In addition to this, according to the New Zealand Treasury, the volume of goods and services imported to New Zealand will grow by 2.8% in 2013 while exports are forecasted to grow by 2.1%2, making a service of this nature even more important.
Mr. Wilson went on to explain that speed and transparency are important benefits of the new online service:
“The energy and pace needed to keep up in the global marketplace can be a real challenge for SMEs who are often issues rich and resource poor. When doing business overseas transactions need to be swift and direct to minimize the costs associated with transacting across multiple jurisdictions and exchange rates. This service is about enabling SMEs to be online, mobile and able to transact directly in as many currencies as possible,” he says.
In addition to the 24-hour access, Western Union Business Solutions Online FX will help customers check real-time exchange rates and fees, and receive live customer support. The platform also allows businesses to lock in exchange rates to ensure the recipient receives the precise amount expected.
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage foreign exchange, creating unique solutions tailored to suit their FX needs. Western Union is a leading nonbank provider of business payments, operating its Business Solutions services through locally licensed affiliates and partners in 29 countries. Supported by a network of trading offices, strategic banking relationships and a proprietary global clearing network, businesses can send cross-border payments directly in more than 135 currencies.
1: Ministry of Business Innovation and Employment, 2012
2: New Zealand Treasury – Budget, Economic and Fiscal Update May 2012
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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 December 31, 2011, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 485,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.