Press release from Business Wire
Western Union Launches New Products to Help SMEs
<p class='bwalignc'> <i>New tools will help them manage international cash flow and grow business</i> </p>
Thursday, March 28, 2013
Western Union Launches New Products to Help SMEs08:00 EDT Thursday, March 28, 2013
LONDON & ENGLEWOOD, Colo. (Business Wire) -- Western Union Business Solutions, a unit of the Western Union Company (NYSE: WU), a leader in global payment services, today announced the launch of Currency Options in the UK as well as the worldwide release of a new cash management tool designed to assist small and medium-sized enterprises (SMEs) engaged in international trade.
Western Union Business Solutions' new GlobalPay Cash Management dashboard is a new tool that will give SME clients an immediate overview of their total payments exposure. Users will be able to calculate their FX risk based on the amount of money and currencies they are trading in at current market price, allowing them better to manage their international risk and cash flow.
Added to this is the launch of Currency Options in the UK. British SMEs, many of whom have been hit by increased sterling volatility in 2013 and are consequently struggling with cash flow, will be able to further protect their margins from increased currency volatility and still capitalize on favorable FX market movements.
Business owners and corporate treasurers will now be able to set a forward exchange rate at a specified date and then choose whether to use the pre-agreed amount or to reconsider given current market conditions. This gives SME owners the security of knowing the absolute most that they will be required to pay for a transaction, regardless of currency volatility.
Raj Agrawal, president, Western Union Business Solutions said: “Currency volatility is hurting many of our clients who are seeing their cash flows tighten in light of dramatic market activity. SMEs in particular need more tools to help them manage their international exposures effectively in order to be a step ahead of the competition and grow their businesses in a challenging market.”
“As the outlook for the global economy remains unclear, small businesses are finding themselves under continued pressure. This is why we are expanding and diversifying our product offering: to meet a real and growing need for SMEs.”
FX Options in the UK will be sold by the UK branch of Western Union's wholly owned subsidiary, Western Union International Bank GmbH, and follows a similar launch in Singapore in 2012. Western Union Business Solutions now offers Currency Option products in the UK, Australia, New Zealand, Singapore and Canada.
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage foreign exchange, creating unique solutions tailored to suit their individual needs. It is a business unit of the Western Union Company (NYSE: WU), a leading nonbank provider of cross border payments, which operates its Business Solutions services through locally licensed affiliates in 30 countries. Supported by a network of trading offices, strategic banking relationships and a global clearing network, businesses can send cross-border payments in more than 135 currencies. © 2012 Western Union Holdings, Inc. All rights reserved.
Western Union Business Solutions provides its Options services in the UK through Western Union's wholly-owned subsidiary, Western Union International Bank GmbH, UK Branch. Western Union International Bank GmbH, UK Branch, 12 Appold Street, London, EC2A 2AW, is a branch of Western Union International Bank GmbH (registered in Austria, company number FN256184t), Maderstrasse 1, 1040 Vienna, Austria. Western Union International bank GmbH has approved this statement.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories. In 2012, The Western Union Company completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. For more information, visit www.westernunion.com.
Jennifer Berlin, +44 207 426 4457