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July 19, 2019

KEB Hana Bank, UK Post Office tap Western Union for cross-border payments

South Korean lender KEB Hana Bank and UK Post Office have collaborated with Western Union to facilitate international payments.

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Hana Bank will use Western Union Worldwide pay-out Network to support global remittances.

The Western Union service will be available through Hana Bank’s mobile app Hana EZ.

Powered by Western Union, users of the app will be able to make fund transfers from their smartphones for cash payout in more than 200 countries.

Western Union started operations in South Korea in 2001 and has 4,100 agent locations in the country.

Last year, South Korean lender kakaobank partnered with Western Union to power digital money transfer services.

Hana Bank head of business group and managing director Cho, Jong Hyoung said: “This digital service launch is aligned with our vision to provide customers with the convenience to send money to almost anywhere in the world, any time – 24/7.”

The partnership between Post Office and Western Union will enable one to make international fund transfers through the Post Office digital channel.

Post Office CEO of financial services and telecoms Owen Woodley said: “Working together with Western Union means we can offer customers the capability to transfer money online with ease – not just to bank accounts, but also to mobile wallets and retail Agent locations in more than 200 countries and territories.

“Alongside our existing branch services, this online alliance with Western Union significantly expands the convenient access to money transfer services that the Post Office is proud to offer.”

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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