Western Union has been partnering with
the postal and financial services community
for more than two decades. Traditionally
the focus has been on cash remittances for
consumers. But, with Western Union Business
Solutions (WUBS), there is now an oppor-
tunity to offer cross-border, account-based
payments to business customers.
This means that, by leveraging the WUBS
payments capability, postal organisations and
financial institutions can earn additional reve-
nues – and offer a much-needed yet relatively
scarce service to local businesses.
Right now, in the world of payments, two big
changes are quickly coming together.
Increasing demand
On the one hand, there’s a surge in demand
for simple, cross-border payments among
small and medium-sized enterprises (SMEs).
Across Europe, 99 out of every hundred
businesses are SMEs. They account for two
out of every three private sector jobs. And
they are increasingly looking overseas to fuel
their growth.
According to analysis from Western Union
Business Solutions (WUBS), cross-border
trade is rising rapidly. By 2016 it is expected
that close to 50% of SMEs will generate more
than 20% of their revenues from overseas.
And the number of firms that only sell in their
own country will plummet by more than 40%.
So, to facilitate this trade, SMEs will be on the
look out for cross-border payment services
that are simple, convenient and cost-effective.
Diminishing supply
At the same time, banks are facing up to
some tough new regulatory realities. Many
have been retreating from cross-border
Mr Tony Crivelli, Vice President
– UK and EMEA, Western Union.
Eurogiro bulked cross border payments to
reduce costs before anyone else
The easy way to offer cross‑border
payments to SMEs
Having renewed the Western Union – Eurogiro partnership in May 2014,
Western Union is proud to introduce their Business Solutions, with which
postal organisations and financial institutions can now offer a wide range
of cross-border payment and FX solutions to their business customers.
payments, particularly when remote destina-
tions or exotic currencies are entailed. And
all banks are realizing how hard it is to stay
compliant, and have little appetite for the
related risks.
As a result, costs and complexity are increas-
ing, and the needs of SMEs are going un-met.
Together, these two changes represent a sig-
nificant new opportunity for WUBS and its
business partners.
Cross-border payment and FX services are
the core business for WUBS. So, by definition,
the company has a formidable compliance
function. And, through its global infrastructure,
it can facilitate account-to-account payments
in more than 130 currencies, with local clear-
ing in over 70 countries.
Meanwhile, the SME sector is the WUBS
heartland. So, by nature, the company de-
velops products and services that are simple
and convenient, and clearly meet the needs of
smaller businesses.
So how can postal organisations and financial
institutions benefit?
Several options are available. At one end of
the scale, it is possible to act as a sales agent
and offer WUBS branded solutions (thereby
aligning your organisation with the globally
trusted brand of a Fortune 500 company). At
the other end, you can hook into the WUBS
infrastructure and offer a full range of white-la-
belled solutions.
Contact WUBS direct to find out more.
3
Tony Crivelli, Vice President – UK and EMEA
Tel: +44 (0)207 426 4454
Email:
4 Eurogiro News
