Western Union Launches WU EDGE, A Ground-Breaking Digital B2B Platform to Drive SME Growth Internationally
Union Business Solutions, a business segment of The
Western Union Company (NYSE:WU) and a leader in global payment
services, today announces the launch of WU® EDGE, its
ground-breaking digital platform which will enable small and medium
sized enterprises (SMEs) to trade internationally with confidence and
ease. Western Union Business Solutions will launch the new platform at
Money 20/20, Europe’s largest FinTech event in Copenhagen.
The Enterprise Digital Global Exchange ‘EDGE’ is the new Western Union®
business-to-business digital platform that aims to create a simple
virtual trading arena where businesses of all sizes can connect. The WU
EDGE will make buying and selling overseas as easy as trading on one’s
doorstep. The ‘net effect’ is an unparalleled ability for SMEs to trade
“WU EDGE technology will enable hundreds of thousands of businesses
across the world to easily engage in global trade, potentially enabling
them to grow, invest and deliver the jobs of the future. We view
ourselves as business partners to our SME customers and we are proud to
offer this platform to them,” said Kerry Agiasotis, President of Western
Union Business Solutions.
“The WU EDGE option helps build on our leadership position in global
payments. For the first time, we will be able to connect business buyers
and sellers on a single B2B platform that powers real-time connections
and payments across the globe,” concluded Agiasotis.
The WU EDGE platform helps businesses with international needs by:
Connecting Buyers and Sellers –
AP (accounts payable) and AR (accounts receivable) workflows with
Electronic Invoice Presentment and Payment (EIPP), aligning buyers and
sellers through a single global platform. SMEs can invite existing and
new partners to trade globally and interact with them in real-time to
potentially enhance trade and growth.
Empowering Insights and Analysis –
available actionable insights that help businesses navigate foreign
exchange risks and opportunities resulting from international
payments. Powerful business tools available in the foreign cash
management and trade intelligence modules provide customers with new
insights for optimizing their cash flows and profits.
Enabling Confidence to Transact across Borders to Deliver Growth – WU
EDGE aims to give SMEs the confidence to conduct business at scale
around the world. The new EDGE network payment feature adds to the
customers’ existing abilities to make payments in more than 130
currencies in over 200 countries and territories. This new capability
leverages Western Union’s unique global footprint and associated
in-country bank account network to transfer balances between buyers
and sellers. Upon launch, the new network payment feature will be
available as a “near real-time” service for 22 currencies, becoming
real-time for 49 currencies within a few months from launch.
The WU EDGE platform, launched at Money 20/20, will go-live on April 11th
in six initial markets: Australia, Canada, New Zealand, Singapore,
United Kingdom and United States. The platform will be available in
other select markets in 2016.
Western Union has been driving a large scale digital transformation.
Earlier this year, Western Union introduced its cross-border platform,
strategically combining its digital presence with a distribution network
in over 200 countries and territories – to deliver unmatched FinTech
solutions to many consumers and businesses worldwide.
The Western Union cross-border platform combines digital pay-in and
pay-out solutions and global foreign exchange conversion to provide
retail consumers reach across more than 500,000 agent locations in 200
countries and territories, over 100,000 ATMs and kiosks, online in 35
About Western Union Business Solutions
Union Business Solutions enables companies of all sizes to send and
receive international payments and manage global cash flow, creating
unique solutions tailored to suit their individual needs. It is a
business unit of The Western Union Company (NYSE: WU), a leading nonbank
provider of cross border payments, which offers Business Solutions
services in over 30 countries. Clients are supported by a network of
trading offices, strategic banking relationships and a global clearing
network and can send cross-border foreign exchange payments in more than
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of December 31, 2015, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined
network of over 500,000 agent locations in 200 countries and territories
and over 100,000 ATMs and kiosks, and included the capability to send
money to over one billion accounts. In 2015, The Western Union Company
completed 262 million consumer-to-consumer transactions worldwide,
moving $82 billion of principal between consumers, and 508 million
business payments. For more information, visit www.westernunion.com.