As the payments industry continues to be disrupted, one of the ways to stay on top of this pulsing ecosystem is to learn from industry leaders. One such company is Western Union (NYSE: WU).Delegates attending the NPF &Regtech Leaders Forum 2017 will be able to reap the benefits of Western Union’sB2B Payments Division’s expertise and practices, providing a deeper look into industry and its specifics.
A global leader of cross-border payments, Western Union,operating in 170 countries and dealing with 130 currencies on a daily basis has extensive expertise in B2B services and meeting business customer needs.
Despite the fact that fintech disruption and fast-paced regulatory changes accompanied with evolving consumer needs were challenging, these types of issues were solved by focusing and strengthening Western Union’s payments technologies, cross border compliance and operational capabilities. At the same time, the company emphasized the digital transformation, while investing in proactive digital development of products, refinement of services and resources needed to meet consumer needs, thus providing a unique user experience.
As a response to growing business customers’needs,Western Union also launched the WU® EDGE™ platform which is a digital payment platform aimed at connecting buyers and sellers on a single B2B platform that powers real-time fee-free payments across the globe. WU EDGE is continuously evolving to keep pace with market evolution both in terms of client needs and regulation requirements. The platform is constantly enriched with new functionalities that empower international businesses to trade and grow with confidence.
It has also been recognized by several industry organizations in terms of product innovation, as well as winning awards such as the B2B Payments Innovation of the Year award and the Best Payments Product award.
Another important challenge that the payment industry faces is the regulatory changes and stricter requirements concerning KYC, anti-money laundering, fraud and much more, that financial services companies must comply with. In the past, compliance was considered a cost, it then later became an investment. Most importantly, today it can give the company an edge over its competitors.
Payments – A Strategic Part of Business
Western Union, considers its cross border payments not just a matter of sending or receiving payments, but as a crucial factor in the smooth running of international businesses.
According to Western Union’s insight, payments have become a strategic issue across the organizations, as it has turned into a source of operating efficiently, and even profitably in some cases. In response to that, Western Union brings value to its customers by providing a full array of services and products that aim to help them protecting profits against currency volatility, gaining precious time on managing complex international payments, while giving them the possibility of being connected with clients and providers around the world in a single B2B platform.
Some of the key benefits of the Western Union’s offering for businesses include:
- providing companies with more visibility and control over their cash flows
- the ability to make transactions worldwide in a few days, or even hours
- full transparency on services costs.
Furthermore, Western Union has advanced experience when dealing with big data, which is also one of the hot topics in payments. Western Union uses advanced technology solutions based on big data that enable the company to monitor transactions to detect and interdict criminally-inspired financial transactions involving fraud, identity theft, trade-based money laundering, scams, tax evasion, terrorist financing and other attempts to launder the proceeds of criminal activity. In support to that, Western Union has committed $200 million a year to compliance for the past five years and 25% of its workforce is involved in compliance activities, to address and deal with all regulatory changes arising due to multiple regions and currencies of operations.
Indeed, many state, national and international regulators and law enforcement bodies have commended Western Union for its compliance innovations in recent years, such as developing algorithms, and for assisting with numerous investigations.
All the detailed solutions are just a small part of Western Union operations and strategic decisions that have increased importance in the payments industry.
A more in-depth look at Western Union’s knowledge as an industry innovator and shaper will be given at the NPF &Regtech Leaders Forum 2017, where delegates will be joined by Marc-Elie Caspar, Sales Director, France & Benelux, at Western Union’s B2B Payments Division. He will share industry leading insights and network with experts coming from organizations such as the EU Commission, European Payments Council (EPC), ECB, EPA, EBF, Hitachi Data Systems, Zalando SE, Starling Bank and GRCTC.