Advertisement

Western Union Ties Up With BFSFCU to Ease Global Payments

The Western Union Company’s WU unit, Western Union Business Solutions recently collaborated with Bank-Fund Staff Federal Credit Union (BFSFCU) to provide 90,000 members of BFSFCU with international payment services.  Notably, BFSFCU is a financial services provider that was formed to offer employees of the World Bank Group and International Monetary Fund and their families a suitable place to save and obtain credit.

The new alliance will benefit BFSFCU members worldwide, who can now avail international payment services using Western Union Business Solutions platform that boasts of hassle-free integration and extensive global presence.

Following the partnership, BFSFCU’s members will be able to send payments across more than 200 countries as well as territories. Members will not only be able to send payments in more than 130 currencies but also be able receive payments in more than 30 currencies.

Moreover, Western Union Business Solutions seems to be suitable fit for addressing the urgent need for making international payments by BFSFCU’s members. This unit of Western Union has not only been formulating strategies for easing international payments but also facilitating currency risk management and foreign exchange services.

Western Union Business Solutions has been reaching out to several financial institutions worldwide in a bid to manage international payments better. It recently partnered with the Isabel Group of Belgium to provide business-to-business (B2B) multi-banking ecosystem and an online payment solution for companies of any size in the region.

The same unit of Western Union has also been active for the past few months with regard to collaborations. It partnered with CARD Bank last month and TrueMoney in July in an effort to reinforce presence in the Philippines. It has also strengthened its ties with Banco SEMEAR in Brazil last month. These strategic actions bode well for Western Union, considering the present situation of the remittance industry that is likely to remain stressed amid the COVID-19 pandemic.

However, the company’s revenues have been under pressure for the past several years due to high competition from peers. This has led the company to make significant investments in its digital money transfer arm and build a leading omni-channel platform for cross-border and cross-currency money transfers and payments.

With digitalization being the new way of life, digital payments have been gaining momentum for quite some time. Apart from Western Union, companies like MoneyGram International Inc. MGI, PayPal Holdings Inc. PYPL and Square Inc. SQ, which are active in the digital money remittance space are poised to benefit from this trend.

In fact, Western Union’s solid digital money transfer platform has somewhat helped it to recover amid the pandemic. Continued collaborations will also enable Western Union to reach out to various corners of the world and strengthen its foothold via digital platform.

Shares of this Zacks Rank #3 (Hold) company have lost 6.2% in a year against the industry’s growth of 12%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Western Union Company (WU) : Free Stock Analysis Report
 
MoneyGram International Inc. (MGI) : Free Stock Analysis Report
 
PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report
 
Square, Inc. (SQ) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.