Profile: Western Union Co (WU)
8 Dec 2017
The Western Union Company (Western Union), incorporated on February 17, 2006, is a provider of money movement and payment services. The Company operates through three segments: Consumer-to-Consumer, Consumer-to-Business and Business Solutions. Western Union's Consumer-to-Consumer segment is engaged in individual money transfers from one consumer to another. The Company's Consumer-to-Business segment provides options to make one-time or recurring payments from consumers to businesses and other organizations, including utilities, auto finance companies, mortgage servicers, financial service providers and government agencies. Western Union's Business Solutions segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals.
The Company's Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents. The Company's multi-currency, real-time money transfer service is viewed by the Company as one interconnected network where a money transfer can be sent from one location to another, around the world. The Company's money transfer services are available for international cross-border transfers, which is the transfer of funds from one country to another and in certain countries intra-country transfers that is, money transfers from one location to another in the same country. This segment also includes money transfer transactions that can be initiated through Websites and mobile devices. The Company offers money transfer services with various options for sending funds, through both its walk-in and online money transfer channels. It offers Walk-in money transfer and online money transfer. As of December 31, 2016, the Company provided online money transfer services through Western Union branded Websites in 37 countries. The Company provides its third-party agents with access to its multi-currency, real-time money transfer processing systems used to originate and pay money transfers. The Company's systems and processes enable its agents to pay money transfers in approximately 130 currencies across the world. The Company's marketing strategy includes its consumer programs, such as My WUSM and Gold Card, which are available in many countries and territories. These programs offer consumers service at the point-of-sale.
The Company's Consumer-to-Business payments services are available through a range of services that include Speedpay, Pago Facil and Western Union Payments. The Company's Speedpay service is offered principally in the United States and allows consumers to make payments using credit cards, debit cards, automated clearing house (ACH) and in limited situations, checks. The payments are initiated over the phone or electronically through the Internet. In South America, Western Union offers walk-in, cash bill payment services, which allow the consumers to make payments for services, such as phone, utilities and other recurring bills. In Argentina, the Company provides this service under the Pago Facil brand, which constitutes a range of services in South America. The Company offers this service under the Western Union brand in Peru and Panama.
The Western Union Payments service, which includes the Company's Quick Collect service, allows consumers to send funds to businesses and government agencies, primarily across the United States and Canada, using cash and, in certain locations, a debit card. This service is offered primarily at Western Union agent locations, but is provided through the Company's westernunion.com Website in limited situations. This service is also offered in select international locations under the service mark Quick Pay. The Company also offers Quick Cash, a cash disbursement service used by businesses, government agencies and financial institutions primarily to send money to employees or individuals with whom they have accounts or other business relationships. The Company also provides the consumers with Western Union Convenience Pay (Convenience Pay) service to send payments by cash or check from a smaller number of Convenience Pay agent locations primarily to utilities and telecommunication providers. Its electronic consumer payment services are available primarily through the phone and via the Internet, including through certain mobile devices, while its cash-based consumer services are available through its agent networks and at select Company-owned locations that are primarily in South America.
Business Solutions Segment
The Company's Business Solutions payment transactions are conducted through various channels, including the phone and via the Internet. It offers digital platform, WU EDGE, which facilitates cross-border payments between businesses. Payments are made predominately through electronic transfers, but in some situations, checks are remitted. The majority of Business Solutions' business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. For certain payment services, such as for law firms and educational institution payments, it provides tailored payment solutions. In addition, in certain countries, it writes foreign currency forward and option contracts for customers to facilitate future payments, which usually generate higher revenue per transaction than spot payments. Its Internet services are marketed through its own Websites, as well as, from time to time, co-branding arrangements with Website partners.
Western Union Co
12500 Belford Ave
ENGLEWOOD CO 80112-5939
Company Web Links
- BRIEF-Western Union Says Announced Additional Details On Plans To Move Its Global Headquarters
- BRIEF-Mastercard and Western Union team up on transfers to U.S. debit cards
- BRIEF-Western Union restores money transfer services in Puerto Rico
- Fitch Rates Western Union's Sr. Unsecured Offering 'BBB+'; Outlook Stable
- BRIEF-Western Union Co files pricing term sheet related to $250 million floating rate notes due 2019