Western Union announced yesterday (March 23) that it’s struck a deal with Hyperwallet, a global mass payments platform, to integrate its technology into Western Union’s payments system through its Western Union Business Solutions division.
With this partnership, Western Union hopes it can “redefine the way global business-to-consumer payments are made” by using Hyperwallet’s payments technology to better address cross-border payments issues that typically arise when conducting global transactions.
“By integrating our payments ecosystem with Hyperwallet’s platform, we have enabled a mass payment product that will help change how global payments are made today, while helping meet the rigorous compliance demands faced when making global payments,” said Kerry Agiasotis, president of Western Union Business Solutions.
According to stats provided by Western Union, its global distribution and scale reaches 200 countries and territories; the Western Union Business Solutions allows for global payments to be made in more than 130 currencies. Hyperwallet’s payments technology can serve both sides of the business by allowing for a faster way to send and receive direct payments across borders. The partnership will allow more people to take part in transacting money across the globe.
The comprehensive vision between the two companies will help enable a payments platform that provides better access for those making payments and those receiving so they can have better peace of mind that the payment was made in a timely and secure manner.
“While some payment products are limited by geographic coverage and method, Hyperwallet is focused on providing breadth of coverage and depth of payment delivery options to meet real world industry challenges. Today, multiple payment types are mandatory to achieve global coverage,” said Peter Burridge, president and chief commercial officer for Hyperwallet, in the company press release. “Integrating the Western Union global bank and cash network with Hyperwallet’s mass payment technology is a game changer, bringing the agent network into the corporate domain to provide solutions the market is desperate for.”