Co-sponsored by the Center for Financial Services Innovation and SourceMedia, the Underbanked Financial Services Forum is a national event focused squarely on fostering a cross-sector audience for critical learning and dialogue to create the conditions for innovation around serving the financially underserved. We expect more than 600 participants representing banks, credit unions, financial technology companies,…
The Western Union Company global payments and Acxsys Corporation debit payments services announced an agreement to offer Western Union domestic and international money transfer services to financial institutions in Canada offering the Interac e-Transfer service. The agreement paves the way for expanded access to money transfers for Canadian customers via the enhanced Interac e-Transfer service and Western Union system. Previously, the Interac e-Transfer service permitted account-to-account transfers only within Canada. The agreement will expand the Interac e-Transfer service by giving banking customers the ability to send and receive money transfers directly through their online and mobile bank accounts, with funds accessible for pay out at more than 485,000 Western Union® Agent locations in more than 200 countries and territories.
Core Innovation Capital (Core) announced the launch of the second annual “Core Underbanked Innovators Challenge,” seeking nominations for the best new product or service for the financial underserved in America. The four best nominations will be invited to demonstrate their products and answer audience questions on the main stage at the Center for Financial Services Innovation’s (CFSI) 7th Annual Underbanked Financial Services Forum on June 15th, 2012, in San Francisco, CA. Core’s Managing Partners Arjan Schütte and Mike Harris will moderate and provide perspectives on underbanked innovation trends. The Underbanked Financial Services Forum is the nation’s premier event on the underbanked, drawing executives and entrepreneurs from across the financial services landscape.
The Western Union Company launched its Western Union Ventures to focus on developing new service offerings for the Company’s consumers. The new go-to-market organization will drive the Company’s three key strategic growth areas of Consumer Money Transfer, Business-to-Business Payments, and new products and services. Western Union Ventures will focus on expanding and deepening consumer relationships through new capabilities and offerings. Western Union Ventures will be led by Diane Scott, EVP and Chief Marketing Officer and President, Western Union Ventures.
Regions Bank and Western Union payment services forged out agreement to offer the Western Union global money transfer service and the Western Union expedited bill pay service across 1,700 Regions Bank locations in the U.S. Through the bank’s agreement with Western Union, Regions Bank accountholders and walk-in consumers will have the ability to send and receive domestic or international money transfers and make same-day payments conveniently and quickly to members of Western Union’s growing Biller network. The services will be available later this year at Regions Bank branches in the 16 states the bank serves. Plans also include offering Western Union online services to Regions Bank online customers.
Western Union global payments and Dollar Financial international diversified financial services company forged multi-year global agreement that extends and paves the way to add Western Union Money Transfer, Bill Payment and Money Order services across Dollar Financial locations in Canada, the United States and the United Kingdom throughout 2011. Dollar Financial Corp is a leading international diversified financial services company primarily serving unbanked and under-banked consumers and small business owners for over 30 years. Through its retail storefront locations as well as by other means, such as via the Internet, the Company provides a range of consumer financial products and services in seven countries (Canada, the United Kingdom, the United States, the Republic of Ireland, Sweden, Finland and Poland).
Western Union’s Hikmet Ersek, appointed President and CEO in September, has announced executive role expansion on his board. With this, Stewart Stockdale has been named Executive VP and President with the Global Consumer Financial Services division; David Yates has been named executive VP and President Business Development and Innovation; and Diane Scott has been named executive VP and Chief Marketing Officer. Stockdale will be responsible for Western Union’s global regions and Agent network, the company’s global core consumer money transfer service and the consumer payments business. Yates, as EVP and President – Business Development and Innovation, is responsible for the design, development, implementation, roll-out and enhancement of new products and services, including Western Union Business Solutions, Account Based Money Transfer, westernunion.com, mobile money transfer and the company’s prepaid and stored value programs globally. Diane Scott is responsible for leading the strategic global marketing development for Western Union, including brand strategy, customer segmentation, customer experience, and market research/analytics. She also is responsible for corporate communications, corporate social responsibility and the Western Union Foundation.
Western Union Company has partnered with InComm stored-value gift and prepaid cards to present the “Western Union MoneyWise Prepaid” General Purpose Reloadable prepaid card (GPR). This builds on Western Union’s global prepaid go-to-market strategy and complements its “GoCash” an in-lane money-transfer service through InComm. With this, Western Union will now offer the “MoneyWise Prepaid” card to consumers through grocery and convenience stores, pharmacies, and mass merchandiser locations. Users have the option to reload money in-person at any of the over 46,000 Western Union Agent locations; use direct deposit through an employer; load a Western Union Money Transfer transaction directly to the cards; and add funds online using a bank account. Issued by MetaBank, the Card is fee-friendly; can be used anywhere Visa and MasterCard Debit cards are accepted; and can be managed online.
Western Union global payment services has been granted license approvals from the Brazilian Central Bank to operate a commercial bank and foreign exchange brokerage firm. This allows Western Union to offer the Western Union “Money Transfer” services directly to consumers in Brazil and to introduce new financial services, including domestic money transfers, consumer bill payments and prepaid cards. Western Union has provided its international money-transfer service in Brazil since 1998, through its Agent network that currently includes nearly 6,000 bank and foreign exchange brokerage firm locations.
Western Union has partnered with CCH Small Firm Services (SFS) tax and accounting professionals to make available the “MoneyWise” MasterCard, providing income tax refunds on a reloadable prepaid debit card. The partnership will allow the nearly 200,000 tax professionals who use “TaxWise” and “ATX” SFS tax software programs, used to prepare more than 20 million tax returns annually, to provide their clients the convenient refund method. The “MoneyWise” Prepaid MasterCard also allows users to direct deposit paychecks onto the card; allows the user to reload money in-person at any of the over 46,000 participating Western Union Agent locations in the U.S.; load a Western Union Money Transfer transaction directly to the card; and add funds online using a bank account. The card can be used anywhere MasterCard Debit is accepted and is protected by MasterCard’s zero liability policy.
The Western Union Company announced a global initiative to simplify its business processes, move decision-making closer to the marketplace, and leverage its cost structure. The multi-phased initiative includes a smaller, more streamlined management and changes to its global operations with fewer reporting layers. With this, the number of Executive Vice Presidents, Senior Vice Presidents, and Vice Presidents will be reduced, mostly over the next 30 days. A new Executive Vice President position will be created, focusing on electronic channels and new customer segments, both consumer and business. The proposed changes to business operations include the closing, consolidation, and downsizing of facilities and the creation of a new regional operations center in Europe.
Money transfer service Western Union has launched “Return the Love”, a
national Mother’s Day Campaign designed to encourage consumers to give
mom the perfect gift. Western Union, Wyclef Jean and “Queen of Latin Pop”
Paulina Rubio, “Return the Love” with special performances and
appearances at the Billboard Latin Music Conference& Awards with a
concert honoring military moms. A recent Western Union consumer survey
found 42% find it hard to shop for the perfect gift for mom. The survey
also found 42% of moms have pretended to like a Mother’s Day gift; and
separately, 30% thought the gift was either “thoughtful” but not a gift
they wanted, or they did not receive a gift at all. Kick-off special
performance dedicated to moms featuring Wyclef Jean and Paulina Rubio at the
Billboard Latin Music Awards, on April 29, produced and broadcast live
by Telemundo.