Western Union is keen on innovating in this day and age. The prominent remittance player is expanding its service on a large scale. Introducing account-to-account transfers in the UK is another example. This service is available for high-value digital transfers from the UK to the rest of the world.
This new service offered by Western Union marks an important milestone. It is the first time the remittance provider tackles the multibillion-dollar bank account-to-account money transfer sector for consumers. Clients in the UK can send up to 50,000 GBP from their smartphone through the Wu website or mobile app. The funds can be sent to numerous countries around the world, which makes for a valuable service.
Another Interesting Decision by Western Union
It is not the first time Western Union shows a desire to innovate. The company is all too aware of the digital transformation encompassing the financial industry. The company’s focus currently lies on mobile, as both their app and website support transactions across devices. At this time, 70% of its digital transactions originate on mobile devices. This further confirms the company’s decision to focus on this segment was the right choice.
Western Union’s Graham Baker adds:
“With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers—many of whom are global citizens with assets and holdings in multiple countries. The opportunity to send £50,000 per transaction, 24/7, around the world, enables our customers representing a mix of affluent expats and natives, to send money in larger values with confidence. They send money between their bank accounts across countries for high-value purchases such as real-estate, or financial payments such as mortgages or investments.”
It will be interesting to see how this new service affects the company’s revenue. Their current client base spans over 150 million customers in the C2C and B2B segment. As such, introducing these high-value account-to-account transfers can pave the way for even bigger successes. The UK is a very important region for global money transfers.