BEIJING--(BUSINESS WIRE)--The Western Union Company (NYSE:WU), a leader in global payment services, and Bank of China Limited (SEHK:3988, SSE:601998) announced today that the bank will offer Western Union Money Transfer® services at its branches and sub-branches throughout mainland China.
The services, to be rolled out from January, are expected to allow consumers to receive international remittances at over 10,000 Bank of China locations in provinces and regions throughout mainland China.
Jean Claude Farah, President, Middle East, Africa, Asia Pacific, Eastern Europe & CIS, for Western Union said, “This signing with Bank of China is a historic moment for Western Union. Bank of China is one of the world’s leading financial institutions, serving as China’s financial link to the world for over 100 years. Connecting people across borders is a heritage we share. We welcome Bank of China to the Western Union family and look forward to working together to offer fast, reliable and innovative services to consumers throughout the country.”
Mr. Zhu Shumin, Executive Vice President of Bank of China, said, “Cross-border financial services have always been Bank of China’s competitive edge and key focus. Western Union is one of the world’s largest and most experienced international money transfer companies, and Bank of China is the most international and diversified Chinese commercial bank. Our cooperation will allow our joint customers to enjoy an even bigger range of remittance products, more convenience and raise our service standards. Through our collaboration, I hope that we can explore new areas of cross-border business and continually develop new products to satisfy the diverse needs of cross-border customers.”
The two companies plan to allow Bank of China customers to receive remittances directly into their online banking-enabled accounts and at selected self-service kiosks. These services are expected to be introduced in 2015 and are part of Western Union’s omni-channel strategy that bridges the customer retail experience with digital innovation.
Western Union® services have been available in China since 1995. With the addition of Bank of China’s branches and sub-branches, Western Union Money Transfer® services will be available at over 32,0001 locations nationwide in cooperation with 15 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, 2014, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving US$82 billion of principal between consumers, and 459 million business payments. For more information, visit www.westernunion.com.
About Bank of China
As a 100-year-old brand in China’s financial services sector, Bank of China is the country’s most international and diversified bank, providing a comprehensive range of financial services and competitive expertise in foreign exchange operations with extensive branches overseas. Benefitting from its global network and foreign exchange expertise, Bank of China continually pursues advancement and innovation based on prudent operations and has achieved a leading position in the Chinese financial industry. In particular, its competitive strength and good standing in international settlements and foreign exchange operations has being widely recognized and praised within the industry and by customers. In 2013, Bank of China was named a Global Systemically Important Bank, becoming the only financial institution from an emerging economy to be so listed for three consecutive years.
1 Network data as at 30 September 2014 inclusive of Bank of China locations.