ENGLEWOOD, Colo. & TORONTO--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in global payment services, and Acxsys Corporation, a leader in electronic payment services in Canada, today announced their respective agreements with BMO Bank of Montreal, the Canadian retail banking arm of BMO Financial Group (TSX: BMO) (NYSE: BMO).
The agreements will allow BMO Personal Banking customers to conduct online Western Union Money Transfer transactions directly from their accounts via Acxsys Corporation’s Interac e-Transfer platform, to Western Union® Agent locations in Canada and more than 200 countries and territories worldwide. The agreements are expected to be implemented in the first quarter of 2013.
“Our customers increasingly look to BMO to help them remain connected to family, friends and businesses worldwide, and that is especially true of the growing number of new Canadians who regularly send money to family overseas,” said David Heatherly, Head, North America Payments – Personal and Small Business, BMO Financial Group. “The agreements with Western Union and Acxsys Corporation will make it easier for our customers to send remittances around the world, from the convenience of their home and personal computers.”
“Western Union is positioned at the nexus between cash and electronic technologies,” said Odilon Almeida, President, Americas, Western Union. “We are combining our traditional strengths – a globally recognized brand and an international retail presence – with account-based money transfers, mobile services and cross-border platforms for global businesses, to meet the needs of today’s consumers, who require more options across different technologies.”
“We are excited to extend the speed and convenience of the Interac e-Transfer platform to BMO customers, enabling them to send money globally,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “Interac e-Transfer, a trusted brand, is currently offered by more than 150 financial institutions in Canada. BMO is the first bank to offer its customers the ability to use the Interac e-Transfer platform to send account-based money transfers through the international network of Western Union Agents.”
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.
About BMO Bank of Montreal and BMO Financial Group
BMO Bank of Montreal is the Canadian personal and commercial banking business of BMO Financial Group. Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
About Acxsys Corporation and Interac Association
A recognized world leader in debit card services, Interac Association is responsible for the development and operations of the Interac® network, a national payment network that allows Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac FlashTM, a secure, contactless enhancement of Interac Debit, allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash.
Interac Association was founded in 1984 and is comprised of a diverse membership that includes banks, trust companies, credit unions, caisses populaires, merchants and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-Transfer, for the transfer of money from one person’s bank account to another person’s bank account using an email address or, where available, a mobile phone number; and international services, which provide Canadian cardholders with point-of-sale access at nearly 2 million U.S. retailers, and PULSE, Discover, Diners Club International and UnionPay cardholders access to ABMs in Canada.
Interac, the Interac logo, Interac Flash and Interac e-Transfer are trademarks of Interac Inc. Used under license.