Western Union is launching a new foreign-exchange (FX) payment service for small and medium-sized businesses, allowing them to make international payments from their smartphones (iPhones or BlackBerrys).
The service is designed for “busy professionals,” providing them with an intuitive interface to make business payments in more than 140 currencies. According to Western Union, it [the service] is ideal for paying suppliers in global markets, with the option to lock in a currency-exchange rate and fee before transferring funds.
Western Union’s new foreign-exchange payment service is currently available in countries where the company offers online payment and FX services through its Business Solutions division, including the United States, Canada, the United Kingdom, Germany, Italy, France and Australia.
Commenting on the new service launch, Western Union Business Solutions’ Raj Agrawal said: “The sheer demand for innovative mobile services is evident, and our clients want to take advantage of new m-payment options. This new mobile payment service not only makes it easier to transfer funds globally to foreign suppliers and workers but also offers the ability to take advantage of foreign currencies when making international payments.”