Mexico’s Banco Monex has expanded its partnership with Western Union Business Solutions, the global payments business line of Western Union, to boost payment distribution options.

The new agreement will enable Banco Monex to send payments in 130 different currencies and receive them in over 40 currencies worldwide by leveraging the global payment infrastructure of Western Union Business Solution.

Commenting on the partnership, Western Union Business Solutions vice president for the Latin America and Caribbean region Alfred Nader said: “Banco Monex have already distinguished themselves as the Mexican leader in cross-border payments by being at the forefront of payment technology adoption. This next step simply cements their position in the Mexican marketplace.”

Monex deputy general manager of operations and finance Jorge Hierro added: “We are proud to partner with Banco Monex to further enhance their cross-border payment capabilities.

“For Monex it’s a great alliance and will become another option in the services we strongly provide to our clients for the last 33 years.”

Western Union plans

At the end of June 2018, Western Union reported over 550,000 retail agent locations in more than 200 countries.

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Western Union has recently been expanding into different markets. Already live in Hong Kong for a while, Western Union Digital was schedules to go live in Malaysia and Singapore.

In Latin America, the digital service is available in Brazil, Jamaica and Panama.

In the Middle East, Western Union Digital is live in Bahrain, Kuwait, Qatar and Oman and plans are on to soon launch the service in UAE.