The Western Union Company has deepened its partnership with Brazilian financial institution Banco SEMEAR.

The move expands the services between its Western Union Business Solutions division and Banco SEMEAR and will enable the latter to offer the WU GlobalPay for FI platform.

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GlobalPay for FI is designed to enable financial institutions to offer customers with international payment services.

The platform allows processing transactions in more than 130 currencies and to more than 200 countries and territories.

Additionally, the deployment of GlobalPay for FI helps financial institutions eliminate the need to invest in new infrastructure to enable cross-border payments.

Western Union Business Solutions head of financial institutions for Latin America and the Caribbean Alberto Roncajolo said: “We are very pleased to expand our collaboration with Banco SEMEAR through the integration of GlobalPay.

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“Our digital platform will allow Banco SEMEAR to offer international payments to its customers globally, with confidence and agility.”

Banco SEMEAR superintendent Arthur Campos said: “The partnership with Western Union Business Solutions consists of expanding the portfolio of products already offered by Banco SEMEAR.

“The strategic objective is to integrate new operations into the current structure, allowing the leverage and expansion of the institution’s business and target audience.”

Last month, Western Union partnered with Cebuana Lhuillier, a micro-financial service provider in the Philippines, to enable cross-border fund transfers.

This enabled Philippine people to send and receive Western Union money transfers from more than 2,500 Cebuana Lhuillier locations.