The Western Union Company, a leader in global cross-border, cross-currency money movement, today announced its foray into the multibillion-dollar bank account-to-account money transfer sector for consumers, by launching high-value digital transfers from the United Kingdom to around the world.
Consumers in the United Kingdom can now send up to £50,000 via their smartphones from wu.com or the Western Union® mobile app, funded from accounts directly into bank accounts in many countries around the world.
Over the last few years, Western Union has undergone a dramatic digital transformation, driving a multi-layer digital strategy allowing customers to begin their transactions on mobile - via app or web browser. Today, Western Union’s digital business has seen continued double-digit growth, and now 70 percent of digital transactions originate on mobile devices.
The company’s boosted investments in real-time compliance controls and expansion of its bank payout network to billions of accounts now allows consumers to send high-value money transfers, commencing in the UK with other major money-sending countries to follow.
“With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers—many of whom are global citizens with assets and holdings in multiple countries,” said Graham Baker, U.K Country Head Global Money Transfer, Western Union.
“The opportunity to send £50,000 per transaction, 24/7, around the world, enables our customers representing a mix of affluent expats and natives, to send money in larger values with confidence. They send money between their bank accounts across countries for high-value purchases such as real-estate, or financial payments such as mortgages or investments,” he said.
Western Union’s annual global digital revenue was over $400 million in 2017-larger than many of the digital start-ups in the space. The company’s digital growth continued to be strong, with 22 percent wu.com revenue growth in quarter two, this year. In the same quarter, about 30 percent of the wu.com principal moved globally was delivered into accounts.
“On top of our existing digital offerings for global business customers, we have custom-built our digital account-to-account service drawing from our fast-growing global account payout network. Now our money transfer customers can also connect to billions of accounts in more than 70 countries and this will continue to accelerate,” said, Jean Claude Farah, President, Global Payments, Western Union.
Western Union’s global account payout network connects to local banks, national payment settlement switches, third-party payment processors as well as mobile wallets, prepaid and other card connections.
Western Union serves more than 150 million consumer-to-consumer and business-to-business customers whether they are sending or receiving money using web, apps, accounts, mobile wallets or retail, every year, to more than 200 countries and territories.
In the U.K., more than USD $26 billion was sent in person-to-person transfers to the rest of the world in 20171, according to the World Bank, with more than 60 percent of those funds directed into bank accounts. More than USD $13 billion of these funds were sent to a mix of developed and emerging nations - led largely by Nigeria and India and closely followed by France, Germany, Pakistan, Poland, and China.
Western Union has been operating in the U.K. for 30 years and in 2017, moved money into more than 200 countries and territories.