Western Union has entered into a strategic agreement with Visa to facilitate quicker and transparent movement of money across the world.
As per the agreement, Western Union will leverage Visa’s real-time push payment platform Visa Direct to offer customers an expedited remittance service onto cards.
Cross border payments through wire transfers or bank accounts take days to process due to outdated, expensive and multi-step methods.
Almost $80 trillion US dollars’ worth of cash is transferred through traditional means such as bank accounts and transfers, according to figures released by Visa.
It is estimated that a total of 85% of these transfers occur in cash, or other physical currency.
Through this partnership, Western Union and Visa aim to overcome barriers and hurdles preventing faster fund transfers.
Visa global head of push payments Bill Sheley said: “Together Visa Direct and Western Union are collaborating with plans to scale real-time cross border payments to businesses and consumers in more than 200 countries and territories in more than 130 currencies.
“This new strategic relationship with Western Union combines the industry-leading capabilities of the world’s largest remittance provider with Visa’s global reach, risk management abilities and operating scale, to bring exceptional value propositions and user experiences to senders and receivers around the globe.”
Western Union executive vice president Jean Claude Farah said: “Western Union has the largest money transfer retail network and this agreement represents a key milestone for our account payout network combining the best of Visa and Western Union’s cross-border capabilities to enable a world-class payments platform.
“This collaboration enables our customers to have a fast, user-friendly and reliable platform to send funds into billions of eligible accounts across the world.”