Jean Claude Farah, Executive VP, Western Union

Visa and Western Union have announced a strategic partnership wherein Western Union will implement Visa Direct, Visa’s real-time push payments platform. This aims to bring about a sense of transparency in the money movement as well as modernize payments around the world.

The partnership will enable Western Union to offer expedited remittance service to its customers with an added transparency and enhanced user experience. It aims to enable the development of a reliable and efficient cross border payments system.

“Together Visa Direct and Western Union are collaborating with plans to scale real-time cross border payments to businesses and consumers in more than 200 countries and territories in more than 130 currencies,” said Bill Sheley, global head of push payments, Visa. “This new strategic relationship with Western Union combines the industry-leading capabilities of the world’s largest remittance provider with Visa’s global reach, risk management abilities and operating scale, to bring exceptional value propositions and user experiences to senders and receivers around the globe.”

The process of transferring money across borders, currently, comprises of outdated, multi-step and costly methods and the partnership focuses on eliminating/ digitising these solutions.

Recently, Visa announced the acquisition of cross border payments company, Earthport which counts as an extension of Visa’s strategy to transform cross border payments.

“Western Union has the largest money transfer retail network and this agreement represents a key milestone for our account payout network combining the best of Visa and Western Union‘s cross-border capabilities to enable a world-class payments platform,” said Jean Claude Farah, executive vice president, Western Union. “This collaboration enables our customers to have a fast, user-friendly and reliable platform to send funds into billions of accounts across the world.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence