MasterCard and First Data Corporation today announced a strategic alliance to provide a unified solution for First Data’s FirstVision platform powered by VisionPLUS with the introduction of MasterCard inControl for banking clients and customers in Asia Pacific.
Western Union global payment services appointed Raj K. Agrawal Executive Vice President and Chief Financial Officer. Bringing to the role more than 20 years’ business experience, most recently as Western Union Executive Vice President and Interim Chief Financial Officer, Raj was President of Western Union Business Solutions from 2011 through 2013. Agrawal, joined Western Union in 2006 as Treasurer and also has served as Senior Vice President of Finance for Europe, Middle East, Africa and Asia Pacific. Prior to joining Western Union, Agrawal held senior financial roles at Deluxe Corporation and General Mills, and he began his career at General Motors and later the Chrysler Corporation. He holds an MBA from Columbia University.
Western Union announced Scott T. Scheirman, Executive VP and CFO, will be leaving the company on February 28, 2014. He is to serve as a senior advisor to the Company while a search is conducted with internal and external candidates. Raj K. Agrawal, Executive VP and President of Western Union Business Solutions, will serve as Interim CFO. Agrawal has served as an Executive Vice President of the Company since November 2011, and President, Western Union Business Solutions since August 2011. Mr. Agrawal served as General Manager, Western Union Business Solutions, since November 2010, and as Senior Vice President of Finance, from August 2010 to November 2010.
First Data Merchant Solutions direct-to-market merchant acquiring business and Diners Club International announced their merchant acquiring agreement. Allowing First Data Merchant Solutions to accept all cards on the Discover Global Network, including Diners Club and Discover transactions- alongside Visa, MasterCard and American Express- the agreement will be especially important to First Data Merchant Solutions customers in the travel, hospitality and entertainment sectors who service and supply international visitors to the UK. The Discover Global Network is comprised of Discover Card, Diners Club International, BC Global Card, DinaCard and Rupay.
MasterCard and the Western Union Company announced 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 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. Customers will have access to a dedicated online foreign payments portal at www.mastercardbusinessnetwork.com, which will feature 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.
Western Union Business Solutions partnered IndusInd Bank Limited to bring its technology platform for making global business and foreign exchange payments to the doorsteps of small and medium-sized enterprises (SMEs). IndusInd Bank has also signed up two of Western Union’s largest agents, Weizmann Forex Ltd and Paul Merchants Ltd, as referral agents to help market the service in India. The service will launch at select Paul Merchants Ltd. and Weizmann Forex Ltd. Western Union locations in 22 cities across the country and aims to provide doorstep service to clients. Customers will be able to request a visit from a trained representative of Paul Merchants Limited or Weizmann Forex, allowing them to book a cross-border transaction from their home or office. This service will be offered under license by IndusInd Bank and will be particularly valuable for small businesses that currently need to commit resource and travel time to arrange payments for international suppliers.
Western Union Business Solutions global payment services launched Currency Options and a new cash management tool designed to assist small and medium-sized enterprises (SMEs) engaged in international trade. Its “GlobalPay Cash Management” dashboard will give SME clients an immediate overview of their total payments exposure. Users will be able to calculate their FX risk based on the amount of money and currencies they are trading in at current market price, allowing them better to manage their international risk and cash flow. Business owners and corporate treasurers will now be able to set a forward exchange rate at a specified date and then choose whether to use the pre-agreed amount or to reconsider given current market conditions. This gives SME owners the security of knowing the absolute most that they will be required to pay for a transaction, regardless of currency volatility. Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage foreign exchange, creating unique solutions tailored to suit their individual needs.
VerifyValid web-based payment enablement and fraud prevention company launched its CheckItOut “Beta,” an all-new check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. By maintaining a check as digital element and requiring no additional equipment for processing checks, VerifyValid only requires a .50 cent fee for the transaction ensuring the payments stay within the organization, and not into the marketplace. Through a simple to use web interface, a VerifyValid user can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.
Western Union Business Solutions global payment services launched new offices in Frankfurt, Germany and Vienna, Austria to bring improved international payments services to companies and organizations that operate internationally in both markets, particularly in the SME sector. These services include financial products designed specifically to support small and medium sized importers and exporters, allowing customers to execute payments in over 135 currencies to over 200 countries and territories around the world. The opening of German and Austrian offices is a key element of Western Union Business Solutions’ European expansion strategy as it grows its global presence.
Signifyd fraud prevention raised $2 million in financing from Andreessen Horowitz, Data Collective, IA Ventures, QED Investors, Resolute.VC, Tekton Ventures and other angel investors. Signifyd was founded in 2011 by a team of risk experts from PayPal to address the complexity of payment validation. Between chargebacks, mistakenly declined orders, and countermeasure costs, the average e-commerce retailer loses 3.1% to fraud every year. Most large e-commerce merchants have teams of agents that arduously try to bridge the gap between the online identity a user presents and the real-life person he claims to be.
KashFlow cloud-based accounting software company has appointed seasoned software CEO Raj Patel as Vice Chairman. Following 5 years as CEO of global business software company, Exact, Raj has been working with KashFlow for the past nine months in an advisory position and bought an equity stake in the accounting software business. The support for the Executive team that Raj will bring will allow Founder and CEO Duane Jackson more time to investment in youth startup projects.
Western Union Business Solutions launched its business-to-business service in for cross-border payment services in Chile, Cyprus and Jordan. In Chile, Western Union Business Solutions’ payment offerings will be provided by Chilexpress, a leading courier and logistics company with a presence in over 360 Chilean cities. Chilexpress has a strong customer base in a growing market that registers more than 140,000 SMEs. In Cyprus, Western Union Business Solutions will be introduced via GAP Vassilopoulos, a leading logistics provider with a strong SME client base while Western Union Business Solutions’ partner in Jordan is Kamal Exchange.