ukrainian cross border payments

Western Union Teams introduce Ukrainian Cross Border Payments

January 14, 2022

Western Union –the pioneering leader in cross-border payments across the world, looks forward to collaborating with leading financial institutions in & around Ukraine for supporting cross-border payments. Western Union serves to be a world leader in ensuring cross-currency payments and money movements from all corners of the world. In addition to Ukraine, Western Union plans to extend its cross-border payment capability across the CIS or Commonwealth of Independent States. It allows millions of customers to send and receive cross-border payments through the Omni-channel network of Western Union instantly, reliably, and conveniently.

The expansion of the retail network of Western Union across the specified region has allowed the company to lately launch the concept of international money transfers through parts of Nova Poshta. In addition, it is a pervasive postal network in Ukraine. NovaPay is the non-banking financial institution in Nova Poshta. In the existing collaboration, NovaPay features a leading share of 46 per cent of the entire market for local money transfers. There are as many as 35,000 locations.

Transferring Money with Ease in Ukraine

Monobank is yet another leading financial institution in Ukraine. Its customers are now capable of sending over money across the globe. This is done by using the retail network of Western Union across over 200 countries and territories. It is achieved with the help of the mobile app. Using this capability, customers of the bank can now fund the respective international transfers with the help of the Monobank Card. At the same time, receivers can look forward to picking up the transferred funds from any of the retail locations of Western Union. There are over 600,000 retail locations of Western Union.

Due to the collaboration, Monobank in Ukraine has observed a rapid rise in the region’s financial markets. It boasts an overall investment in supporting the best-in-class customer support. Therefore, the branch has over 4 million online customers in the current scenario.

Accelerated Money Transfers Through Western Union

In addition to Monobank in Ukraine, Western Union has also unveiled its concept of international money transfers through Sovkombank –one of Russia’s top 10 financial institutions. Sovkombanktakes pride in having more than 11 million customers and around 260 locations across the nation. Moreover, it predicts rapid future developments in the coming times.

Western Union has also unleashed its international money transfer capability through Jusan Bank in Kazakhstan. In Tajikistan, Western Union extends the functionality with the help of the nation’s RushdiOrien and International Bank.

As far as the digital front of supporting international money transfers through the Western Union is concerned, three crucial activations have been achieved with the help of vital financial institutions across the country. First, customers of Kapitalbank in Uzbekistan, Bank Center Credit in Kazakhstan, and Unibank in Azerbaijan are also now given the capability of ensuring international money transfers. It is achieved through the integration with the platform of Western Union in the respective mobile apps of the banks.

Massimiliano Alvisini –General Manager of Western Union in Africa, CIS, and Europe, stated that the company feels privileged to consider joining forces with leading post offices and financial institutions across the CIS. Through this collaboration, the international money transfer giant aims at offering millions of customers ample flexibility, trust, and convenience in the field of cross-border payments and money transfers. Alvisini also added that the company aims to constantly expand its network across the area while integrating its global money movement functionalities to enhance the overall customer experience of core financial institutions in CIS.

Partnership with Gold Standard to Offer Green Hedging

Recently Western Union Business Solutions –the payment branch of The Western Union Company, has extended its partnership with Gold Standard –the sustainability and power pioneer. The partnership aims at offering Green Hedging for all scales and sizes of organizations across the world.

The collaboration will be enabling the customers of Western Union Business Solutions to support a wide range of initiatives featuring certified carbon credits –right from clean water access to renewable energy, as a part of the Green Hedging strategy.

The partnership will allow the customers to ensure financial support to sustainable initiatives under the hedging strategy. This will empower them to impact the globe quite easily positively. Available to both existing and new customers, the offering will enable businesses to choose from a wide range of climate and sustainability initiatives as certified by the Gold Standard. As such, the initiative will be offering support to the selected projects at an overall cost of only 0.1 percent along with the notional trading amount.

About Western Union

The Western Union Company is a worldwide leader in cross-currency and cross-border payments and money movements. The platform of Western Union offers access to seamless flows of cross-border amounts. Moreover, its pioneering financial network around the globe helps in bridging over 200 nations and territories and more than 130 types of currencies.

Western Union connects financial institutions, businesses, consumers, and organizations with its widest-reaching network globally. The company also manages to access millions of bank accounts in all corners of the globe. Currently, the company boasts over 600,000 retail locations in different parts of the world.

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