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Western Union unveils SME business payments wallet in US & Canada

Western Union has launched a business payments wallet for small and medium-sized enterprises (SMEs) that use the services of its Business Solutions (WUBS) division in the US and Canada. The electronic wallet technology allows clients using WUBS' online foreign exchange (FX) platform to add and hold funds on balance for future use, and enables firms to make convenient email payments to international recipients.

The wallet is aimed at SMEs and seeks to speed up transaction processing, via pre-funded US dollar and Canadian dollar holding balances. Funds that have been loaded onto the wallet and cleared are available when the client needs to initiate a payment. With the email delivery option, the sender needs only to provide the recipient's email address. The recipient is directed to a secure website to claim the payment online.

"Small businesses will appreciate how quickly and easily they'll now be able to send and receive cross border payments," claimed Brian Harris, chief product officer at WUBS. "Our wallet makes it easier to operate on a global scale, saving companies time and money, so they can focus on their core business and execute on their decisions immediately."

By Neil Ainger