OANDA, which provides multi-asset trading services and foreign exchange solutions, has teamed up with Western Union Business Solutions to deliver a new cross-border money transfer solution, OANDA Money Transfer. Directly accessible through the OANDA website and its online currency converter, the new service allows customers to efficiently set up an account, send money in over 130 currencies and to 170 countries and territories.
Available on desktop and mobile, the application provides 24/7 access to real-time rates for personal and business FX transactions. OANDA customers will also have the ability to set up market alerts to be notified when a preferred market rate becomes available. The service has officially launched in the US, Canada, Australia, and the UK, and will be expanding to more countries in the near future.
A collaboration between the payments services provider and the lender aims to offer funding for SMEs, particularly those in the eCommerce and eService industries
The new service will enable corporate treasurers to trace where an international payment is at any given time.
The pan-European exchange is paying US$153m to gain a 90% stake in the electronic communication network for foreign exchange trading.
The two say that their collaboration has created a “pioneering” institutional banking solution.