Yahoo News Western Union Strengthens Bond With Banco SEMEAR in Brazil
The Western Union Company WU has expanded services between its Western Union Business Solutions division and Banco SEMEAR in Brazil. Per this deal extension, the company will offer financial institutions its WU GlobalPay for FI platform, a solution to help customers make international payments seamlessly with greater efficiency.
The partnership with Western Union Business Solutions consists of widening the existing portfolio of products offered by Banco SEMEAR. The motive behind growing this partnership is to integrate new operations into the current structure, thereby strengthening the institution's business and its reach to the target audience
GlobalPay for FI is a simple and intuitive system that facilitates the creation of international remittances. The process provides the benefits of international payment services without the need to invest in new banking systems infrastructure.
Western Union Business Solutions’ online platform allows processing of transactions using a network that is spread across more than 200 countries and territories.
Western Union’s Business Solutions operating segment eases payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises plus other organizations and individuals. The majority of the segment’s business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. Additionally, in certain countries, the company writes foreign currency forward and option contracts for customers to aid future payments.
In the first six months of 2020, revenues from this segment declined 7% year over year.
Recently, the company teamed up with TrueMoney, a renowned financial services provider in the Philippines to serve customers more effortlessly in the country by providing its money transfer services across TrueMoney’s more than 5,000 locations.
These strategic actions bode well for Western Union, considering the present situation of the remittance industry that is likely to remain stressed under the coronavirus pandemic.
Shares of this currently Zacks Rank #2 (Buy) company have gained 7.1% in a year compared with the industry’s growth of 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other stocks worth considering from the same space are Cardtronics PLC CATM, Envestnet Inc. ENV and Fleetcor Technologies Inc FLT. While Cardtronics sports a Zacks Rank #1 (Strong Buy) at present, the other two stocks carry the same Zacks Rank as Western Union, currently.
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The Western Union Company (WU) : Free Stock Analysis Report
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