ENGLEWOOD, Colo. & MEXICO CITY--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in global payment services, today announced it will launch international direct to bank money transfers to Mexico from the United States via the Grupo Financiero Banorte’s UniTeller network.
An agreement recently signed between Western Union and UniTeller, will allow Western Union customers in the US to send cash directly into qualifying bank accounts – totaling more than 60 million individual bank accounts1. The UniTeller network currently covers top banks in Mexico.
Planned for launch in the first quarter of 2015, customers will be able to send international money transfers direct-to-bank from participating retail Agent locations, www.westernunion.com and directly from Western Union smart phone mobile applications from the US.
Ricardo Velazquez, Head of International Banking, Trade Finance and Financial Institutions of Grupo Financiero Banorte, said: “UniTeller and Banorte are leaders in Mexico in the offering of financial services to the beneficiaries receiving money from their relatives abroad, continuously seeking for new ways to process international transfers. With this agreement, beneficiaries of remittances in Mexico will find it very convenient to open an account at our bank and directly receive the funds through Western Union with the benefit of value added banking services.”
“This agreement is a result of the competitiveness of our Remittance Platform and will enhance the international payment services for our customers in Mexico. As a leader of remittance processing services, UniTeller continues to support the end to end services for our customers in Mexico and abroad,” added Alberto Guerra, CEO of UniTeller Financial Services at Grupo Financiero Banorte.
Odilon Almeida, President Americas and European Union of Western Union, said: “Thanks to this international collaboration, Western Union customers in the United States can send money directly into Banorte accounts and soon to other Mexican banks giving customers new choice based on their use, need and convenience.
“We are excited to offer our customers in Mexico a new way to conveniently receive money. Although receivers in Mexico continue to have a strong preference for cash and our retail growth has been solid, we believe the direct to bank services will bring in new types of consumers who prefer to receive funds in accounts.
“Expanding into the banking channels of Mexico in collaboration with UniTeller is a significant development; we are proud to uphold our promise to continually enhance convenience and choice for our customers,” said Almeida.
Western Union’s direct-to-bank product cements the company’s advancement into the bank remittance segment. More than $528 billion was moved across the world in 2013 in remittances according to the World Bank2. Western Union offers direct-to-bank services in 50 countries including seven of the world’s top 10 remittance receiving developing countries2—India, China, Philippines, Egypt, Pakistan, Bangladesh, Vietnam and soon to be Mexico.
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 $82 billion of principal between consumers, and 459 million business payments. For more information, visit www.westernunion.com.
UniTeller is an International Money Payments Processor based in the United States and one of the largest players in Money Transfers to Mexico, Latin America and Asia. Uniteller is a whole subsidiary of Grupo Financiero Banorte, one of the largest financial groups in Mexico and Latin America.
About Grupo Financiero Banorte
Grupo Financiero Banorte (GFNorte ) is one of the leading Financial institutions in Mexico. After merge IXE Grupo Financiero, formed the 3rd -largest financial group, and the largest, controlled by Mexican shareholders, with a current network of 1,267 branches, over 7,000 ATMs, over 4,900 banking correspondents and more than 63,000 POS terminals.
GFNorte offers products and brokerage services, credit to businesses and families, estate consulting, investment companies, leasing and factoring, warehousing, insurance, pensions and retirement savings.
It has the main Administrator Retirement Funds in Mexico, Afore XXI Banorte. Grupo Financiero Banorte has presence in southern Texas through Inter National Bank, as well as New Jersey and California through money transfer companies UniTeller and Motran, and New York, through Banorte Securities International.
It is one of the banks with better asset quality indicators of the Mexican financial system and has high levels of capitalization and liquidity.
1 Source: Mexican National Banking and Securities
2 Source: World Development Indicators and World Bank Development Prospects Group (Top 10 Recipient of Remittances Rank - 2013e)