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Western Union (WU), ICB Team Up to Ease Fund Transfer Options
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The Western Union Company (WU - Free Report) recently introduced money transfer services with ICB, a leading fintech company in South Korea. This move will expand WU’s global financial payout network providing customers access to its money transfer services through ICB mobile application, better known as DEBUNK Remit.
The DEBUNK Remit application is available to Android and iOS users through which they will be able to transfer funds to their family members and friends in cash and at bank accounts in a few countries across the globe.
This apart, the app allows receivers in South Korea to direct international Western Union money transfers to their DEBUNK Remit registered bank accounts for transactions sent through WU digital money transfer services or WU’s worldwide retail Agent network.
Moreover, receivers in the South Korean region can get funds using the unique Money Transfer Control Number (MTCN) and other information under the DEBUNK Remit mobile app. This service will be provided to customers in more than 200 countries and territories.
This move is in line with the currently Zacks Rank #3 (Hold) player’s commitment to enable digital-driven, seamless experiences for customers. The strategy is also rightly timed as demand for easy, contactless transfer services is at an all-time high. Ever since the pandemic has hit the world, people have started realizing the value of convenient fund transfer options. The cross-border money transfer services by Western Union gain from high-end technologies and financial services expertise.
Initiatives similar to the latest one highlight Western Union’s sincere efforts to strengthen its capabilities and presence across South Korea. The country boasts one of the world’s fastest Internet networks and continually makes significant investments in innovative technologies to sustain the same.
Last December, WU tied up with National Payments Corporation of India to help Indian citizens receive money from overseas. In 2021, Western Union also started allowing Google Pay users in the US, India and Singapore to send funds to other countries.
In February 2022, WU tied up with the fintech company Travel Wallet in South Korea to allow the latter's customers to send money abroad. Western Union is monetizing its cross-border money transfer solution by offering it as a plug-and-play platform for other users, such as financial, telecom and tech players. This also provides entities with an inexpensive solution to use the vast payment functionality of Western Union. The credibility of WU’s money transfer services can be further substantiated by the fact that even MastercardIncorporated (MA - Free Report) , the leading technology company in the global payments industry, turned to Western Union for easing its digital money transfers.
Alike Western Union, other companies, such as Mastercard, Visa Inc. (V - Free Report) and MoneyGram International, Inc. resorted to creating a solid digital arm for capitalizing on sturdy demand for hassle-free cross-border payments.
Mastercard focuses on collaborating with global and regional financial service providers to upgrade the money movement process for consumers and businesses. MA has been adopting a digital partnership strategy and making significant investments to add to its digital capabilities. In December 2021, Mastercard partnered with ProgressSoft to smoothly integrate its cross-border platform into the Middle East and North Africa (MENA) regions’ banks and speed up remittances throughout the region.
Visa facilitates a seamless and secure transfer of funds on a real-time basis worldwide. For complementing its endeavor, V pursues collaborations to aid the cross-border payments industry with innovative digital solutions and replace the age-old processes. Visa B2B Connect delivers innovative B2B cross-border payments and keeps adding partners to its network. Last year, Visa collaborated with the leading cloud-based platform Goldman Sachs Transaction Banking. The move was intended to enhance the worldwide money movement capabilities for businesses, irrespective of their scale and customers.
MoneyGram has been rapidly expanding its digital money transfer business for a while via constant partnerships and significant investments. MGI has a solid pipeline of new digital partners to bolster the prospects of its digital arm. As a result, MGI anticipates its digital business to cross more than 50% of all money transfer transactions in 2024.
Image: Bigstock
Western Union (WU), ICB Team Up to Ease Fund Transfer Options
The Western Union Company (WU - Free Report) recently introduced money transfer services with ICB, a leading fintech company in South Korea. This move will expand WU’s global financial payout network providing customers access to its money transfer services through ICB mobile application, better known as DEBUNK Remit.
The DEBUNK Remit application is available to Android and iOS users through which they will be able to transfer funds to their family members and friends in cash and at bank accounts in a few countries across the globe.
This apart, the app allows receivers in South Korea to direct international Western Union money transfers to their DEBUNK Remit registered bank accounts for transactions sent through WU digital money transfer services or WU’s worldwide retail Agent network.
Moreover, receivers in the South Korean region can get funds using the unique Money Transfer Control Number (MTCN) and other information under the DEBUNK Remit mobile app. This service will be provided to customers in more than 200 countries and territories.
This move is in line with the currently Zacks Rank #3 (Hold) player’s commitment to enable digital-driven, seamless experiences for customers. The strategy is also rightly timed as demand for easy, contactless transfer services is at an all-time high. Ever since the pandemic has hit the world, people have started realizing the value of convenient fund transfer options. The cross-border money transfer services by Western Union gain from high-end technologies and financial services expertise.
Initiatives similar to the latest one highlight Western Union’s sincere efforts to strengthen its capabilities and presence across South Korea. The country boasts one of the world’s fastest Internet networks and continually makes significant investments in innovative technologies to sustain the same.
Last December, WU tied up with National Payments Corporation of India to help Indian citizens receive money from overseas. In 2021, Western Union also started allowing Google Pay users in the US, India and Singapore to send funds to other countries.
In February 2022, WU tied up with the fintech company Travel Wallet in South Korea to allow the latter's customers to send money abroad.
Western Union is monetizing its cross-border money transfer solution by offering it as a plug-and-play platform for other users, such as financial, telecom and tech players. This also provides entities with an inexpensive solution to use the vast payment functionality of Western Union.
The credibility of WU’s money transfer services can be further substantiated by the fact that even Mastercard Incorporated (MA - Free Report) , the leading technology company in the global payments industry, turned to Western Union for easing its digital money transfers.
Alike Western Union, other companies, such as Mastercard, Visa Inc. (V - Free Report) and MoneyGram International, Inc. resorted to creating a solid digital arm for capitalizing on sturdy demand for hassle-free cross-border payments.
Mastercard focuses on collaborating with global and regional financial service providers to upgrade the money movement process for consumers and businesses. MA has been adopting a digital partnership strategy and making significant investments to add to its digital capabilities. In December 2021, Mastercard partnered with ProgressSoft to smoothly integrate its cross-border platform into the Middle East and North Africa (MENA) regions’ banks and speed up remittances throughout the region.
Visa facilitates a seamless and secure transfer of funds on a real-time basis worldwide. For complementing its endeavor, V pursues collaborations to aid the cross-border payments industry with innovative digital solutions and replace the age-old processes. Visa B2B Connect delivers innovative B2B cross-border payments and keeps adding partners to its network. Last year, Visa collaborated with the leading cloud-based platform Goldman Sachs Transaction Banking. The move was intended to enhance the worldwide money movement capabilities for businesses, irrespective of their scale and customers.
MoneyGram has been rapidly expanding its digital money transfer business for a while via constant partnerships and significant investments. MGI has a solid pipeline of new digital partners to bolster the prospects of its digital arm. As a result, MGI anticipates its digital business to cross more than 50% of all money transfer transactions in 2024.
Shares of Western Union have gained 4.4% year to date against the industry’s decline of 2.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Shares of Visa and MoneyGram have gained 2% and 34.2%, respectively, in the year-to-date period, while the Mastercard stock has lost 2.5%.