Western Union Business Solutions Enhances FX Automation

Western Union is partnering with Integral for a new risk management mechanism called Integral BankFX, according to a press release.

Western Union, known for cross-border payments and money moving maneuvers, will use Integral’s technology for its electronic foreign exchange (eFX) risk management technology across the Western Union Business Solutions program, the release states.

The BankFX program will let Western Union exercise more control and automation over its programs, including a wide jurisdiction over the 10,000 currency pairs available through the system.

BankFX will be connected to the cloud, which will let Western Union easily navigate the massive network of 200 countries and 130 currencies under its umbrella, Head of Product Scott Johnson said in the release.

Integral CEO Harpal Sandhu said the highly customizable nature of BankFX will make it ideal for a modern company like Western Union seeking to handle many different types of business.

Western Union, through its near-170 years in business, has proven its worth against the conventional wisdom of a time a decade or so ago, when the common parlance was that the digital wallet would end up rendering the firm useless in the 21st century.

But instead, the firm has made a new name for itself with white-label business, B2B work and partnerships with big players that have made it savvy in the new age.

CEO Hikmet Ersek said the turnaround amounted to building on the firm’s strengths in the digital realm and a commitment to continuing to draw in customers.

Western Union has also gotten involved in the global coronavirus crisis, pledging to a worldwide matching challenge to raise $1 million for relief. Under the agreement, both Western Union and the Western Union Foundation would match $500,000. Ersek said in a press release that the idea was to be good global citizens and take measures to care for those who couldn’t care for themselves.