Remittance specialist Western Union is
expanding its Account-Based Money Transfer (ABMT) service to
customers in China and Romania.
Through partnerships forged with China’s
Shanghai Pudong Development Bank (SPDBank) and Romania’s Banca
Transilvania, account-holders from both institutions will gain
access to services previously not seen in both markets.
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Using the service SPDBank account-holders will
now be able to send funds directly from their accounts via online
banking or mobile phones for cash payouts at Western Union Agent
locations in 200 countries around the world.
Conversely, SPDBank customers will also be
able to receive funds from consumers around the world.
SPDBank also will begin offering the Western
Union Money Transfer service at 365 of its retail locations
throughout China.
Although the launch of the service has been
announced by Western Union, the online banking service is not
expected to be activated until mid-2011 with ATM and mobile options
to follow. Once in operation, the launch will mark the first time
ABMT services are available in China.
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By GlobalData“In both China and Romania, people are rapidly
embracing new technologies. We are proud to offer our fast,
reliable services in these important markets,” said David Yates,
EVP for Western Union.
Equally, Banca Transilvania account-holders
will now be able to send money directly from their bank accounts
via ATM money transfer for cash payouts at Western Union Agent
locations and receive funds from people around the world. The
receiver can withdraw the funds through the bank’s network of 780
ATMs around Romania.
The launch will also mark a first for the
country as the Western Union ABMT service becomes the first to
allow money transfers via ATMs in the Romanian financial services
market.
Twenty-eight banks have agreed to join the
Western Union electronic-channel initiative by offering Western
Union ABMT services.
