Western Union Business Solutions, a business segment of The Western Union Company (NYSE:WU) and a leader in global payment services, today announces the launch of WU® EDGE, its ground-breaking digital platform which will enable small and medium sized enterprises (SMEs) to trade internationally with confidence and ease. Western Union Business Solutions will launch the new platform at Money 20/20, Europe’s largest fintech event in Copenhagen.
The Enterprise Digital Global Exchange ‘EDGE’ is the new Western Union® business-to-business digital platform that aims to create a simple virtual trading arena where businesses of all sizes can connect. The WU EDGE will make buying and selling overseas as easy as trading on one’s doorstep. The ‘net effect’ is an unparalleled ability for SMEs to trade internationally.
“WU EDGE technology will enable hundreds of thousands of businesses across the world to easily engage in global trade, potentially enabling them to grow, invest and deliver the jobs of the future. We view ourselves as business partners to our SME customers and we are proud to offer this platform to them,” said Kerry Agiasotis, President of Western Union Business Solutions.
“The WU EDGE option helps build on our leadership position in global payments. For the first time, we will be able to connect business buyers and sellers on a single B2B platform that powers real-time connections and payments across the globe,” concluded Agiasotis.
The WU EDGE platform helps businesses with international needs by:
· Connecting Buyers and Sellers – WU EDGE unifies AP (accounts payable) and AR (accounts receivable) workflows with Electronic Invoice Presentment and Payment (EIPP), aligning buyers and sellers through a single global platform. SMEs can invite existing and new partners to trade globally and interact with them in real-time to potentially enhance trade and growth.
· Empowering Insights and Analysis – WU EDGE makes available actionable insights that help businesses navigate foreign exchange risks and opportunities resulting from international payments. Powerful business tools available in the foreign cash management and trade intelligence modules provide customers with new insights for optimizing their cash flows and profits.
· Enabling Confidence to Transact across Borders to Deliver Growth – WU EDGE aims to give SMEs the confidence to conduct business at scale around the world. The new EDGE network payment feature adds to the customers’ existing abilities to make payments in more than 130 currencies in over 200 countries and territories. This new capability leverages Western Union’s unique global footprint and associated in-country bank account network to transfer balances between buyers and sellers. Upon launch, the new network payment feature will be available as a “near real-time” service for 22 currencies, becoming real-time for 49 currencies within a few months from launch.
The WU EDGE platform, launched at Money 20/20, will go-live on April 11th in six initial markets: Australia, Canada, New Zealand, Singapore, United Kingdom and United States. The platform will be available in other select markets in 2016.
Western Union has been driving a large scale digital transformation. Earlier this year, Western Union introduced its cross-border platform, strategically combining its digital presence with a distribution network in over 200 countries and territories – to deliver unmatched FinTech solutions to many consumers and businesses worldwide.
The Western Union cross-border platform combines digital pay-in and pay-out solutions and global foreign exchange conversion to provide retail consumers reach across more than 500,000 agent locations in 200 countries and territories, over 100,000 ATMs and kiosks, online in 35 countries.