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The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement, offering innovative financial services that empower individuals and businesses worldwide. With over 160 years of history, Western Union has firmly established itself as the largest money transfer company globally, handling over 270 million transactions in 2023 alone.
The company’s core business revolves around providing domestic and international money transfers through an extensive network of approximately 600,000 agents located across more than 200 countries and territories. This network ensures that families, friends, and businesses can easily send money and stay connected almost anywhere in the world. Western Union’s agents and employees are considered ambassadors of trust, responsibility, and hope, reflecting the company’s core values and dedication to its consumers.
Recent achievements include the expansion of Western Union’s network of concept stores and company-owned hubs in Europe. As of December 2023, the company has inaugurated 100 locations across 13 European markets, including Spain, Italy, France, Germany, and the United Kingdom. These concept stores not only facilitate international money transfers but also provide a premium brand experience and enhanced service levels. This initiative is part of Western Union's broader retail strategy, aiming to offer an omni-channel experience to customers, support local micro-entrepreneurs, and promote financial inclusion within migrant communities.
Western Union continues to innovate with new ventures, such as the launch of WU Digital in San Francisco, CA. This technology-driven platform enhances the company's digital capabilities, providing faster, easier, and more convenient access to its services. The company’s commitment to financial inclusion is evident through its investments in micro-entrepreneurship, allowing retail partners to open exclusive Western Union locations and play a vital role in their communities.
Financially, Western Union is robust, with a strong presence in both the digital and physical realms, offering services across nearly 130 currencies. The company’s mission is to help people and communities prosper by providing accessible financial services, thereby enabling consumers, businesses, financial institutions, and governments to connect with billions of bank accounts, millions of digital wallets and cards, and a global network of retail locations.
For more information, visit www.westernunion.com.
The Western Union Company (NYSE: WU) reported Q1 2022 earnings with GAAP EPS of $0.74, up from $0.44 YoY, driven by the gain from the Business Solutions sale. Revenue totaled $1.2 billion, reflecting a 4% decline YoY, primarily due to lower retail transfers and operations suspended in Russia and Belarus. Adjusted EPS was $0.51. Operating margins improved, with GAAP at 20.5% and adjusted at 21.8%. The company revised its 2022 outlook downward, anticipating revenue declines of approximately 9% to 11% and an adjusted EPS forecast of $1.75 to $1.85.
The Western Union Company (NYSE: WU) announced that CEO Devin McGranahan and CFO Raj Agrawal will host a webcast and conference call on April 28, 2022, at 4:30 p.m. ET to discuss Q1 2022 results. A press release with financial highlights will be issued at 4:05 p.m. ET the same day. Participants can join the call by dialing +1 (669) 900-6833 or +1 (253) 215-8782, using meeting ID 979 6440 0760 and passcode 455210. A replay of the webcast will be available on their investor relations website.
Western Union has launched its money transfer services in South Korea through the ICB mobile app - DEBUNK Remit. This app allows users to send money to select countries worldwide, offering cash payouts or transfers to bank accounts. The collaboration aims to provide enhanced customer experiences, expanding Western Union's reach to over 200 countries.
ICB processes around $1.6 billion in transactions annually, enhancing its fintech offerings.
Western Union announces a partnership with PT Artajasa Pembayaran Elektronis to facilitate inbound money transfers into bank accounts across Indonesia. This collaboration aims to meet the rising demand for efficient financial services. Customers can expect to receive international money transfers within minutes, with wallet payouts launching later this year. The partnership enhances Western Union's money movement options, providing reliability and speed. With expansive global capabilities, Western Union connects customers to billions of bank accounts and millions of digital wallets.
The Western Union Company (NYSE: WU) has condemned the invasion of Ukraine and expressed solidarity with its people. The company is actively supporting its Ukrainian customers, including those displaced by the conflict, through humanitarian donations and fee-free money transfer services. In response to the ongoing crisis, Western Union has decided to suspend operations in Russia and Belarus after careful consideration of the implications for its stakeholders. The organization emphasizes its commitment to the safety of its employees and ongoing support for Ukrainian refugees.
The Western Union Company (NYSE: WU) announced the completion of the first closing of its divestiture of the Business Solutions segment for $910 million in cash to Goldfinch Partners and The Baupost Group. This divestiture excludes the European operations and will be finalized in two stages. The second closing is anticipated in the second half of 2022, which will include the remaining operations. The company has received full proceeds from this initial closing, enhancing its financial position.
Western Union has partnered with M Lhuillier to allow customers in the Philippines to receive money transfers via the ML Wallet, available on both Android and iOS platforms. Users can easily receive funds by entering the unique money transfer control number (MTCN). A send capability is expected to be launched in the upcoming months. This expansion of services builds upon the existing network of over 2,600 M Lhuillier locations across the country, enhancing access to financial services for those without bank accounts.
Western Union (NYSE: WU) announced its participation in the Wolfe FinTech Forum on March 10, 2022, at 9:45 a.m. EST. CEO Devin McGranahan and CFO Raj Agrawal will present insights about the company's operations in cross-border and cross-currency money movement. Investors can access the presentation via a webcast on Western Union's investor relations page, with an archived version available post-event. Western Union connects consumers, businesses, and governments across over 200 countries and territories, facilitating seamless financial transactions.
The Western Union Company (NYSE: WU) announced its presentation at the 6th Annual Evercore ISI Payments & Fintech Innovators Forum on March 4, 2022, at 11:00 a.m. Eastern Standard Time. Chief Financial Officer Raj Agrawal will speak during the event. Investors can access the presentation through a live webcast available on the company's investor relations page. The archived presentation will be available after the event. Western Union is a leader in cross-border, cross-currency payments, connecting consumers and businesses globally.
Western Union is partnering with Travel Wallet to offer money transfer services through the Travel Wallet app in South Korea. Users can now send money internationally, with plans to enable receipt of funds in the future. The app supports both Android and iOS, allowing customers to fund transfers from local bank accounts. Western Union's extensive global network will facilitate cash and bank account payouts across various countries. This collaboration aims to enhance financial connectivity for users, contributing to Western Union's mission of providing seamless cross-border money movement.
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