Money transfer firm Western Union has joined forces with Integral to incorporate the Integral BankFX risk management technology.
The remittance firm will utilise the technology across the Western Union Business Solutions platform.
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Integral CEO Harpal Sandhu forecasts a long-term alliance between the two parties.
Sandhu noted: “BankFX is a highly configurable platform, so it is ideal for the bespoke solution Western Union Business Solutions requires.
“BankFX allows Western Union to further enhance their risk management operations with the support of reliable and state-of-the-art technology.”
With BankFX, Western Union can have complete automation and personalisation, according to Integral.
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By GlobalDataThis is said to include increased control over the 10,000 currency pairs on its system.
Commenting on the alliance, Western Union Business Solutions head of Product Scott Johnson said: “Because BankFX is a cloud-based solution, we are able to easily integrate it with our proprietary systems to help us effectively manage payments across our network, which covers over 200 countries and territories and more than 130 currencies.
“Ultimately, this helps our clients efficiently manage international payments, 24/7.”
The latest partnership comes shortly after Western Union launched a new payment option for small and medium-sized law firms.
Known as WU Incoming Payments for Legal, the service is currently available in the US.
