Western Union Business Solutions has launched its business-to-business (B2B) service in three new markets.
Through local partnerships, the company now offers cross-border payment services in Chile, Cyprus and Jordan, enabling businesses and organisations in these countries to make international payments with increased speed and transparency.
“I’m very pleased to announce our entry into three new markets,” said Raj Agrawal, president of Western Union Business Solutions. “The combined strength of our innovative products and WU’s unparalleled agent network gives us the perfect platform to expand the financial services available to businesses around the world and provide them with the customer care they deserve – especially the small and medium-sized enterprises [SMEs] which drive so much of the global economy.”
In Chile, the company’s payment offerings will be provided by Chilexpress, a leading courier and logistics company with a presence in over 360 Chilean cities. Chilexpress has a strong customer base in a growing market that registers more than 140,000 SMEs.
In Cyprus, Western Union Business Solutions will be introduced via GAP Vassilopoulos, a leading logistics provider with a strong SME client base. GAP Vassilopoulos is a recognised leader in the Cypriot business community with a range of services, including domestic courier, air and sea freight transportation, insurance, travel and hotel bookings.
Western Union Business Solutions’ partner in Jordan is Kamal Exchange, a leading money exchange company with long-standing links to the business and finance community. Kamal Exchange has a strong presence in Jordan and great experience with both local and foreign financial institutions as well as small and medium-sized importers and exporters.
Chilexpress, GAP Vassilopoulos and Kamal Exchange are existing WU agents providing consumer money transfer services.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.