International

Western Union Launches Small B2B Payments Network

The segment of Western Union known as Western Union Business Solutions, geared toward payments services, said on Monday (April 5) that it is launching WU EDGE, a digital platform that focuses on international trade among small to mid-sized companies. The platform is getting its debut at Money20/20 Europe, the European FinTech event being held in Copenhagen.

The platform, according to a release by the company, will connect buyers and sellers, with accounts payable and accounts receivable workflows connected by electronic invoice presentment and payment and the result being a single global conduit. Interaction can take place in real time, the company said. In addition, foreign exchange risks can be mitigated across international payments, with tools spanning cash management and business intelligence.

Payments can be made across 130 currencies, with 200 countries and territories connected as a result, and with “near-real-time” service reaching across nearly two dozen currencies — a feature that will extend to roughly 49 currencies within a few months. The platform will go live across Australia, Canada, New Zealand and the United States, among others. The new platform extends earlier facets of a Western Union digital push that included international payments.

In a statement issued by Kerry Agiasotis, president of Western Union Business Solutions, said: “WU EDGE technology will enable hundreds of thousands of businesses across the world to easily engage in global trade, potentially enabling them to grow, invest and deliver the jobs of the future. We view ourselves as business partners to our SME customers, and we are proud to offer this platform to them.”

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