Western Union, Fiserv Partners Brings New Forex Service

Western Union

The world’s leading money transfer company, Western Union Co. ( WU) announced that it will provide an updated service via WireXchange service of Fiserv, Inc. ( FISV). The modernized service will provide more choices to financial institutions looking for foreign currency exchange solutions.

The new technology will have features such as direct credit and auto convert and will be provided to financial institutions by the company’s Business Solutions segment. These new features will enable the financial institutions to provide their customers – both commercial and retail – the facility of sending funds across the border at favorable rates and with greater reliability and flexibility.

The new feature of direct credit of funds will enable financial institutions to use the global clearing network of Western Union. The funds meant to be transferred will be directed through in-country clearing networks within the beneficiary foreign countries. Since these local payment channels are more cost effective for banks and their customers, the overall cost of transferring funds for financial institutions and their customers will go down. 

The second feature of the service is auto convert. This will enable financial institutions to convert and deliver funds in local currency in case cross-border wires are denominated in the U.S. dollar.

The funds denominated in U.S. dollar meant for remittance will be converted in local currency at the front end of the transaction which will also generate foreign exchange revenue for financial institutions. From the point of view of the recipients, it will clear the uncertainty on the amount of funds to be received if they are converted at unpredictable and unfavorable rates upon delivery.  

Through this service, financial institutions will be equipped with effective global payment tools, thereby being capable of providing a broader array of services to customers and gaining a channel for non-interest revenue generation. 

Western Union holds a Zacks Rank #2 (Buy). Other stocks worth considering include Global Payments Inc. ( GPN) and Higher One Holdings, Inc. ( ONE). Both stocks carry the same Zacks Rank as Western Union.

Read the Full Research Report on FISVRead the Full Research Report on WURead the Full Research Report on GPNRead the Full Research Report on ONE.

Send a Money Transfer | Foreign Exchange | Western Union Online FX

Send a Money Transfer | Foreign Exchange | Western Union Online FX

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