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Western Union unveils high value account-to-account transfers from the UK.

BANKING AND CREDIT NEWS-October 12, 2018--Western Union unveils high value account-to-account transfers from the UK


Global Banking News - 12 October 2018

The Western Union Company (NYSE: WU), a company involved in global cross-border, cross-currency money movement, has said that it has entered into the multibillion-dollar bank account-to-account money transfer sector for consumers with the launch of high-value digital transfers from the United Kingdom to around the world.

The move will help consumers in the United Kingdom to send up to GBP50,000 through their smartphones from or the Western Union mobile app, funded from accounts directly into bank accounts in many countries around the world. Western Union has over the past few years helped drive a multi-layer digital strategy allowing customers to begin their transactions on mobile - via app or web browser. Western Union's digital business has currently seen continued double-digit growth, and currently 70 percent of digital transactions originate on mobile devices.

'With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers-many of whom are global citizens with assets and holdings in multiple countries,' said Graham Baker, U.K Country head Global Money Transfer, Western Union.

Western Union's global account pay-out network connects to local banks, national payment settlement switches, third-party payment processors, as well as mobile wallets, prepaid and other card connections.

A company involved in cross-border, cross-currency money movement, The Western Union Company's currently includes over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:4EUUK
Date:Oct 12, 2018
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