Western Union has announced updated functionality to the integration between Western Union Business Solutions (WUBS) and its real-time domestic and international foreign wire exchange solution partner WireXchange from Fiserv.
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The new direct credit and auto-convert features allow financial institutions to provide their commercial and retail clients with enhanced options, favourable rates, reliability and greater flexibility when sending payments across borders.
The direct credit function provides financial institutions and their clients a greater flexibility in having a lower cost option for the delivery of currencies.
By leveraging WUBS’ global clearing network, direct credit payments are routed through in-country clearing networks within the beneficiary foreign countries. These local payment channels are more cost effective for banks and their customers.
The auto-convert feature presents financial institutions with the ability to convert funds to the recipients’ local currency on the front-end, which is typically a more reliable, favorable exchange rate.
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By GlobalDataThe auto-convert feature provides an option for financial institutions where cross-border USD wires to certain countries can be converted and delivered in local funds. This benefits financial institutions by enabling them to participate in foreign exchange revenue not available when payments are sent in USD.
This function may also benefit recipients in countries where the receiving banks usually convert the received USD to their local currency on the back end at unpredictable or unfavorable rates.
Jonathan Rees, vice president Americas, WUBS, said: "Our goal is to provide financial institutions with effective global payment tools which help them solidify and grow their client base while providing new channels to generate non-interest revenue streams.
"The addition of direct credit payments and auto-convert are significant enhancements to our integrated international wire solution."
