Western Union, a global provider of cross-border and multi-currency payments, has strengthened its instant payment capabilities in Europe by joining the Euro Single Payment Zone Instant Credit Transfer System (SCT Inst) as a direct participant, according to a Wednesday (Oct. 13) press release.
Joining SCT Inst allows Western Union to offer its consumers – who span 24 countries and over 2,300 financial institutions (FIs) – additional real-time money transfer and payment options that are available around the clock. , seven days a week, according to the announcement. In addition, the partnership aims to provide more options, convenience, speed and reliability, according to the company.
“We continue to provide cutting-edge products and services to expand and improve relationships with our customers across Europe,” said Peter Bucher, Managing Director of Western Union International Bank.
The instant single euro payment space credit transfer makes funds available within 10 seconds, the statement said.
Related News: Western Union Partners With African Banks For Easy Cross-Border Transfers
Wednesday’s announcement follows Western Union’s partnership with major financial institutions in Africa to make digital cross-border money transfers and bill payments faster and easier, as PYMNTS reported. As part of this effort, customers using KCB Bank Kenya, Diamond Trust Bank and Kenya Post Office Savings Bank can use Western Union to send and receive funds from their mobile banking apps. They can also choose to have the funds sent directly to their bank accounts or to a Western Union agent.
See also: Western Union CFO on Thinking outside the box to digitize the business
The company’s recent progress follows a concerted move towards digitalization. Even before the pandemic, the company had made inroads in digitization, including getting rid of paper in the back office. Additionally, Western Union explored ways to apply digitization to workflows that were not initially considered in the modernization process. The goal through all of his digitization efforts, Western Union CFO and Executive Vice President Raj Agrawal told PYMNTS is to seamlessly connect with customers through digital channels and deliver products. and more valuable electronic services.