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Hyperwallet launches wire transfer solution for gig economy workers

Hyperwallet, a Canada-based mass payments solutions provider, has launched a new global wire transfer solution for gig economy workers.

The new payment solution, which is enhanced by Western Union’s Mass Payments technology, will minimize the cost of global wire transfers for higher-value transactions and to countries where local ACH networks are not available. At the same time, earners will get improved visibility into transfer fees and foreign exchange.

The company said that the solution is intended to augment its network of global bank partners, which enables local-currency direct deposits in more than 90 countries. Its wire offering provides payees with improved visibility by presenting applicable fees and foreign exchange rates before the user agrees to the transfer.

Hyperwallet's Financial Networks head and executive vice president Mike Monty said: “Our integration with Western Union’s Mass Payments technology has enabled us to further support our clients’ growth. At the same time, we’re helping ensure their drivers, sellers, and distributors take home more of their hard-earned money.”

Western Union Business Solutions head of product Adam Tiberi said: “In recent years, we’ve seen a proliferation of the ‘gig economy’ across the globe, so the need for quick and efficient payment solutions has never been greater.

“Through the introduction of global wire transfers through our enhanced Mass Payments product, users benefit from greater control of cross-border funding flows, increased speed and reduced costs, as well as access to real-time payment tracking and reporting functionality.”

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