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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.
Western Union has launched WU Shop in Germany and Austria, with a U.S. rollout expected in Q4. This shopping platform allows consumers to shop from over 12,000 merchants globally and send gifts internationally. Customers benefit from exclusive offers and cash back on purchases. Additionally, a digital banking pilot is set to launch in Germany and Romania, offering a multi-currency account and debit card. This expansion aims to deepen customer relationships and strengthen Western Union's position in the growing digital banking market.
Western Union (NYSE: WU) announced a conference call scheduled for November 2, 2021 at 4:30 p.m. ET to discuss the third-quarter results for 2021. A press release highlighting these financial results will be available at approximately 4:00 p.m. ET on the same day. Participants can access the conference via telephone by dialing +1 (888) 317-6003 in the U.S. or +1 (412) 317-6061 internationally. Registration is required for the webcast, which will also be available for replay on their investor relations website.
Western Union International Bank has joined the Single Euro Payments Area Instant Credit Transfer (SCT Inst) scheme, enhancing its real-time payment capabilities in Europe. This involvement allows Western Union to provide consumers with real-time money transfer options across 24 countries, ensuring faster and more reliable transactions available 24/7. Over 60% of Western Union's global account payout transactions are now delivered in real-time, demonstrating its commitment to expanding financial service offerings in Europe. This milestone highlights Western Union's role as a key player in the European financial services market.
Western Union (NYSE: WU) has acquired a 15% stake in stc Bank for $200 million, positioning itself in a growing payments technology company and one of the first digital banks in the Kingdom of Saudi Arabia. This investment strengthens Western Union's global consumer ecosystem and enhances its digital growth strategy. The licensing for stc Bank as a digital bank has been approved by the Saudi Council of Ministers and is awaiting regulatory requirements from the Saudi Central Bank (SAMA).
The Western Union Foundation has announced a new USD 3.7 million investment under its Opportunity Beyond Borders initiative, aiming to support nearly 55,000 disadvantaged youth globally. This investment is part of a larger USD 15 million commitment to enhance education and employment opportunities for marginalized young adults. The foundation will also introduce the Hikmet Ersek Scholarship, providing USD 1 million in financial assistance to 85 aspiring WU Scholars. Collaborations with various organizations will offer essential skills training, ensuring broader access to economic opportunities.
The Western Union Company (NYSE: WU) has announced its sponsorship of the Latino Business Action Network through its Western Union Business Solutions unit. This partnership aims to empower Latino entrepreneurs by enhancing business growth via education and research. The initiative aligns with the company's commitment to diversity and inclusion in business. Both Jennifer Garcia, COO of LBAN, and David Renta, Hedging Director at Western Union Business Solutions, expressed enthusiasm for the collaboration's potential to strengthen Latino businesses in the U.S.
Western Union has partnered with Suhyup Bank to facilitate international money transfers in South Korea. This collaboration allows customers to send and receive money at roughly 130 bank locations and over 220 sub-agent sites, aiming to expand to 480 locations this year. The service supports cross-border transactions to over 200 countries, with a planned digital service for Suhyup Bank account holders coming soon. This partnership aims to enhance customer experience and extends Western Union's reach in the market.
The Western Union Company (NYSE: WU) announces the appointment of Gabriella Fitzgerald as President of the Americas Region, effective September 13, 2021. Fitzgerald will lead the company’s growth strategies and expand its market presence across various segments. She brings over 20 years of experience from American Express, where she enhanced growth and profitability in the payments sector. Her focus will be on increasing global cross-border payments and enhancing customer experience. The company aims to leverage Fitzgerald's expertise to strengthen its position in the digital payments landscape.
Western Union has expanded its collaboration with Cebuana Lhuillier to offer digital money transfer services through the eCebuana mobile app. This new service allows users in the Philippines to send and receive international money transfers directly in the app, which also includes a micro-savings account feature. Starting early next year, users will have the option for local and global money transfers. This expansion builds on their prior launch of services at over 2,500 Cebuana Lhuillier locations in the Philippines.
The Western Union Company (NYSE: WU) will present at the Deutsche Bank Technology Conference on September 9, 2021, at 5:50 p.m. Eastern time. CFO Raj Agrawal and Chief Marketing Officer Jay Jaffin will represent the company during the presentation. Investors can access the live webcast on Western Union's investor relations page, with an archived version available post-event. Western Union is a leader in cross-border money movement, connecting businesses and consumers across over 200 countries and territories.
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