Western Union Announces Expansion of International Payment Services in Colombia

The Western Union Company (NYSE: WU), a cross-border, cross-currency money platform, announced last week it has expanded its international payment services to Colombia. According to Western Union, the services being expanded are between its Western Union Business Solutions division and Acciones&Valores in Colombia, to offer the WU GlobalPay for FI platform, allowing Acciones&Valores to use and offer its customers the ability to make their payments in what Western Union calls a “simple and efficient” manner.

“The GlobalPay for FI platform provides the benefits of international payment services without investing in new systems infrastructure. This online platform enables the processing of transactions using a network that spans more than 200 countries and territories, available in 130+ currencies. GlobalPay for FIs is a simple, intuitive system that makes it easy to create international orders and find beneficiary bank information.”

While sharing details about the expansion of the services, Alfred Nader, vice president of Western Union Business Solutions for Latin America, stated:

“We are very proud to expand our collaboration with Acciones&Valores through the integration of GlobalPay. This digital platform will allow Colombian small and medium enterprises direct access to their international payments 24-hours a day, streamlining exports of flagship products such as coffee, flowers, fruits as well as imports of other commodities.”

Felipe Jaramillo, manager of Acciones&Valores Treasury Solutions, went on to add:

“With GlobalPay, we provide entrepreneurs the flexibility to make their transfers at any place and time from their mobile device or computer. The transfers eliminate intermediaries in the supplier’s local currency, saving potentially 10% in the cost of invoices issued by suppliers abroad. Our digital solution will be mainly offered to importers, exporters, pensioners living abroad, law firms and international students.”

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