Western Union Rolls Out New Service - Analyst Blog
15 9월 2011 - 2:01AM
Zacks
Western Union Business Solutions, a unit of world’s leading
money transfer company Western Union Co.
(WU), has announced in agreement with TouchNet the
introduction of an integrated cross-border payment system for
international students.
The new service will provide the international students with
twin benefits. They will be able to make payments for their
tuitions fees in local currencies directly from their bank accounts
or pay the fees in cash at participating Western Union branches
globally.
While the first option will provide the students will
flexibility and choice in choosing their currency for payment, the
second option will provide them a convenient access to Western
Union’s vast agent location spanning 160 countries and
territories.
This new payment solution for students will be replaced by
TouchNet’s existing service provided through U.Commerce Systems, a
universal commerce management solution for Higher
Education.
With an increasing number of students opting to study at foreign
locations, Western Union eyes an attractive opportunity for
cross-border payment option in the education sector. Though
initially the facility will be launched at selected number of
institutions, including TouchNet’s current client base, Western
Union gradually plans to roll out the service to all higher
education institutions.
Western Union is expanding aggressively into new products and
new regions. Last week, the company announced that it has
successfully connected with 30,000 ATMs within a span of year in
the continents of Asia and Europe. It is also developing other
electronic channels such as money transfer via mobile devices,
online and also on phone.
The company disclosed that there are 60 banks, which have agreed
to join Western Union’s e-channel initiative by offering Western
Union Account-Based Money Transfer Services (ABMT). Among these
banks, 30 have already activated the service, while the remaining
are in line to follow.
Western Union, competing with Dallas, Texas-based
Moneygram International Inc.
(MGI), retains a Zacks rank # 3, implying a ‘Hold’
recommendation over the short term (1-3 months).
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
Zacks Investment Research
Western Union (NYSE:WU)
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