Western Union has teamed up with cloud banking platform Mambu to enhance the digital banking experience for its customers across Europe.
Under the tie-up, Mambu will enable Western Union to roll out new banking products and services on its digital banking app WU+.
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WU+, which is built on Mambu’s real time multi-currency digital wallet and digital banking platform, offers a number of features that allow users to move money, manage cards and view transactions.
The app is said to allow users to create a new account in minutes by choosing a subscription model and start saving and spending instantly.
Western Union chief data and innovation officer Thomas Mazzaferro said: “Our ambition is to provide market-leading financial solutions to our customers. By partnering with Mambu we have built our digital banking products and services starting in Europe with Germany and Romania.
“The Mambu and Western Union team have come together in a truly collaborative partnership accelerating our financial service ambitions, while building a product that can scale and is cloud agnostic.”
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By GlobalDataWestern Union provides its service across more than 200 countries and territories and in over 130 currencies.
The firm claims its omni-channel offering, global retail agent network as well as cross-border, person-to-person digital global networks are linked to “billions of bank accounts, as well as millions of digital wallets and cards”.
The partnership with Mambu is expected to help the firm transform its transactional relationship with customers into closer customer-centric connections.
Mambu CEO and co-founder Eugene Danilkis said: “Large financial institutions have started a global trend of moving to cloud-native, nimble tech stacks and are becoming part of the ecosystem.
“Western Union adopted the cloud because they recognised that FIs of the future need to engage their customers with excellent new products. We are looking forward to seeing Western Union wow their customers with modern and secure banking services.”
This April, Mambu signed a partnership with Singapore-based fintech startup Wallet Engine to support the development of the latter’s wallet-as-a-service offering.
