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Western Union Expands Payout into Bank Accounts with Metrobank
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Rhea-AI Summary
Western Union has partnered with Metrobank to facilitate direct bank account payouts for inbound money transfers in the Philippines. The collaboration enhances Western Union's real-time payout capabilities, allowing international senders to transfer money digitally from over 75 countries. With this expansion, Metrobank becomes part of a growing network that connects billions of bank accounts globally. Metrobank boasts strong capital ratios and a robust balance sheet, positioning it as a key player in the market.
Positive
Partnership with Metrobank enhances Western Union's direct bank payout capabilities in the Philippines.
Real-time account payouts now available, appealing to digital-savvy customers.
Strengthens Western Union's existing network, providing access to billions of bank accounts.
Negative
None.
Metrobank Becomes Western Union’s Newest Direct Bank Account Payout Partner forInbound Money Transfers in the Philippines
MANILA, Philippines--(BUSINESS WIRE)--
Western Union, a global leader in cross-border, cross-currency money movement and payments, has announced Metropolitan Bank & Trust Company (Metrobank), one of the leading financial institutions in the country, as its newest direct bank account payout partner for inbound money transfers in the Philippines.
With this activation, receivers of international money transfers in the Philippines can benefit from Western Union’s real-time1 account payout capabilities to bank accounts in the country. Global senders can continue to send money using Western Union’s digital services in more than 75 countries and territories or via Western Union’s retail Agent network in more than 200 countries and territories.
“Millions of people in the Philippines have access to accounts and are living ever more interconnected digital lives: as a result, they have an increasing expectation for the financial system to keep up with their flexible lifestyles,” said Jeffrey Navarro, Head of Philippines, Malaysia, Brunei & Indochina for Western Union. “At Western Union we meet these expectations by providing a full range of money transfer solutions to a broad spectrum of consumers. With Metrobank we are glad to expand our account payout network, leveraging our joint capabilities to drive seamless solutions for customers.”
Metrobank joins Western Union’s growing network of partners powering international money transfer payouts into accounts. Over the last few years, Western Union has been accelerating connections to bank accounts ensuring robust connectivity for customers. Globally, Western Union has the capability to send to billions of bank accounts and millions of wallets and cards across more than 125 countries and territories, with real-time capabilities in 100 of these countries. Additionally, it also offers payout in cash in approximately 600,000 retail locations in 200+ countries and territories.
“As we continue to expand and optimize our global account payout capabilities, we are excited to bring Metrobank on board, leveraging more ways we can jointly serve customers in a way that fits their lives,” said Hassan Chatila, Global Head of Sales and Partnerships Development, Account Payout Network, Western Union. “Our platform cuts through the international complexities so millions of customers can access their funds in real-time and in a manner that suits their local infrastructure and preferences.”
“At Metrobank our mission is to meet the evolving needs of customers with innovative services,” said Richard So, Metrobank Executive Vice President and Head of Products, Channels and Overseas Banking Group. “With our partnership with Western Union, we are ready to meet the rising expectations for convenient money movement into bank accounts, improving customer experience and bringing them the ease and scale they look for when it comes to their money transfer needs.”
According to the World Bank, in 2020, the Philippines was one of the top five remittance-receiving countries in the world. Western Union serves customers via a range of retail and digital solutions in the Philippines, facilitating convenient service access for all. Currently, Western Union agent retail network in the Philippines extends to more than 22,000 locations2.
About Western Union The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and approximately 600,000 retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About Metrobank Metrobank is one of the strongest and well-capitalized banks in the Philippines. The Bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times. Capital ratios are among the highest in the industry, with total CAR at 20.4% and Common Equity Tier 1 (CET1) ratio at 19.5%. Consolidated assets stood at P2.5 trillion at the end of June 2021, making Metrobank the country's second largest private universal bank.
1 Funds may be delayed based on certain conditions, including amount sent, receiving financial institution, regulatory requirements, and differences in time zones.
What is the recent partnership between Western Union and Metrobank?
Western Union has partnered with Metrobank to enable direct bank account payouts for inbound money transfers in the Philippines.
How does the Western Union and Metrobank partnership benefit customers?
The partnership allows for real-time account payouts, meeting the growing demand for digital financial solutions.
When was the partnership between Western Union and Metrobank announced?
The partnership was announced on November 4, 2021.
What is the significance of Western Union's expansion in the Philippines?
This expansion enhances Western Union's ability to offer seamless electronic money transfers in the Philippines, which is among the top five remittance-receiving countries.
How many locations does Western Union have in the Philippines?
Western Union operates over 22,000 locations in the Philippines.
