World’s leading money-transfer company, Western Union Co. (WU - Free Report) , has announced that the unit Western Union Business Solutions will expand its presence in the European Union.
The expansion will come in the form of new offices in Frankfurt, Germany and Vienna, Austria. Western Union will provide its international payments service in these regions via specialized teams. Western Union is primarily targeting the Small and Medium Enterprises (SMEs) engaged in international trade.
Western Union will provide SMEs with the convenience of making payment for transactions in more than 135 currencies to over 200 countries and territories across the globe.
Western Union is focused on the SME sector, as it constitutes the major part of the European Union market and contributes significantly to the national income. According to Federal Statistic Office there are more than two million such businesses in Germany and Austria combined.
Other endeavours of the company to promote service to SMEs includes the launch of Online FX and Online FX for Mobile services in France, Germany, Ireland and Italy, making it easy for the SMEs in these regions to make payments to their suppliers anywhere anytime.
Western Union had also tied up with Emirates International Exchange to provide cross-border business payments services and foreign-exchange solutions to SMEs in the Middle East.
Western Union foresees a huge opportunity in the global SME market, which is comparable in size with that of the cross-border remittance market, worth $24 billion.
Another money transfer company Moneygram International Inc. (MGI - Free Report) is also seeking to grow internationally and has an active presence in the region of the European Union.
Western Union currently carries a Zacks Rank #3 (Hold). A player from the industry, Euronet Worldwide Inc. (EEFT - Free Report) carries a Zacks Rank #2 (Buy), while another company Grupo Financiero Banorte, S.A.B. de C.V. carries a Zacks Rank # 1 (Strong Buy). Both are worth noting.