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August 31, 2011updated 04 Apr 2017 4:15pm

WU restructures and increases focus on alternative payments

Western Union has restructured, forming a new business unit, Western Union Ventures, which brings together its online payments, prepaidstored value and mobile offerings.

By James Ratcliff

Western Union has restructured, forming a new business unit, Western Union Ventures, which brings together its online payments, prepaid/stored value and mobile offerings.

The formation of the new unit follows the announcement that Western Union’s executive vice president of business development and innovation, David Yates, will leave the company at the end of September.

Diane Scott is to take the role of chief marketing officer and president of Western Union Ventures. A Western Union statement says the move is intended to “leverage the company’s existing assets to increase consumer loyalty and retention, attract new consumers, and obtain a higher share of wallet.”

Westernunion.com, prepaid/stored value, and mobile money transfer will sit within the Western Union Ventures business unit.

Western Union reported last month its second-quarter profit rose 19% as all regions posted growth and bill payments showed top line improvement.

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