MasterCard and Western Union Launch Dedicated International Payments Service for Small and Medium-Sized Businesses
Enhanced foreign-exchange capabilities offered via the MasterCard Business Network
PURCHASE, N.Y. & ENGLEWOOD, Colo.--(BUSINESS WIRE)-- MasterCard (NYS: MA) and the Western Union Company announced today a dedicated international payments service that will increase the flexibility with which small and medium-sized businesses can conduct cross-border trade. The new direct foreign-exchange capability will be provided by Western Union Business Solutions, the business payments unit of the Western Union Company, and available to all companies that use the MasterCard Business Network, an online resource that helps streamline business operations and enhance productivity for small and mid-sized businesses.
"At MasterCard, our goal is to help small and medium-sized businesses compete and succeed in an increasingly global market by providing the resources, tools and products they need to thrive," said Jay Singer, group head, U.S. commercial products, MasterCard. "Our new service with Western Union will give these businesses an added option for situations when a vendor may not accept credit card payments, or when business card limits may be insufficient for a specific invoice."
The joint offering will be available in the United States. Customers will have access to a dedicated online foreign payments portal at www.mastercardbusinessnetwork.com, which will feature benefits including:
The ability to send international payments in over 135 currencies directly from their bank account to a foreign recipient's bank account from a computer, tablet or mobile phone;
Real-time quotes and transparent and competitive foreign-exchange pricing;
Dedicated customer service available 24 hours a day, seven days a week.
"Over 95% of American importers in 2011 were small and medium-sized enterprises, which demonstrates how significant they are to the American economy,1" said Raj Agrawal, President, Western Union Business Solutions. "Working with global partners and managing international cash flow is clearly an important part of their operations. I am delighted to be working with MasterCard to help SMEs be as competitive as possible in the global marketplace, whether they trade with near neighbors such as Canada or countries as far away as Kenya, Indonesia and Brazil."
In 2011, MasterCard and the Western Union Company announced a global agreement to help make electronic payments, including prepaid cards and money transfers, more efficient and convenient for consumers around the world.
"We view the introduction of this service to American small-business owners as the first of several opportunities across the globe to support this segment's money-transfer needs," said Carlo Enrico, group executive, strategy and development, MasterCard.
For more information, please visit www.mastercardbusinessnetwork.com.
MasterCard (NYS: MA) , www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About Western Union
The Western Union Company (NYS: 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 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories and approximately 100,000 ATMs. In 2012, The Western Union Company completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. For more information, visit www.westernunion.com.
1 According to the International Trade Administration report, US Exporting Companies, SMEs accounted for 97 percent of identified importers in 2011: http://www.trade.gov/mas/ian/build/groups/public/@tg_ian/documents/webcontent/tg_ian_004048.pdf.
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