The Western Union Company has created Western Union Ventures, which will focus on developing new service offerings for the company’s consumers. The new unit will drive the company’s three growth areas of consumer money transfer, business-to-business (B2B) payments, and new products and services.
Global Consumer Financial Services, which includes the company’s consumer money-transfer services and consumer bill payments, will continue to be led by Stewart Stockdale, executive vice president (EVP) and president, global consumer financial services.
Western Union Business Solutions, which consists of the company’s B2B payments services, will be led by Raj Agrawal, who has been named president. Agrawal will now report directly to Western Union president and chief executive officer (CEO) Hikmet Ersek.
Western Union Ventures will be led by Diane Scott, EVP and chief marketing officer and president. Westernunion.com, prepaid/stored value, and mobile money transfer will be within the Western Union Ventures business unit.
“The new business unit structure will help us drive our key growth strategies,” said Ersek. “Our consumer money transfer business, driven by our strong brand, global distribution of 470,000 agent locations in 200 countries and territories, and our extensive consumer relationships, continues to represent a strong growth opportunity. Leveraging our global strengths, Western Union Ventures will allow us to build deeper relationships with existing and new consumers and to expand our portfolio with new services. Our third business unit, B2B payments, represents an additional large global growth opportunity, as cross-border global payments is an area where we can gain significant market share.”
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