Money transfer firm Western Union has expanded Western Union Business Solutions products to SMEs in Ireland.

Western Union Business Solutions will now offer forward contracts and currency options in Ireland.

The service will be provided via Western Union International Bank, part of Western Union.

These are risk management solutions, which enable businesses to lock in a current exchange rate for a limited time or select flexible forwards referred to as currency options.

The aim is to allow business cash in on positive market exchange rate changes and navigate risk.

The remittance firm already delivers such services in the UK, Australia, New Zealand, Singapore, Canada, US, Austria, Germany, Czech Republic, Poland, Italy, France as well as Switzerland.

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Western Union Business Solutions director for Central Europe and Ireland Joanne Hunger said: “Irish SMEs face many challenges with international payments that can lead to a negative impact on their bottom line. The difficulty with forecasting cash requirements can put profit margins at risk.

“The introduction of currency options will support business development and reduce risk from foreign payables and receivables.”

The latest move comes shortly after Western Union’s expansion of its digital services to seven countries in the Middle East.

These countries are the UAE, Bahrain, Jordan, Kuwait, Lebanon, Oman and Qatar.