DUBLIN--(BUSINESS WIRE)--Today, Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement, announces the expansion of Western Union Business Solutions’ suite of products to small and medium-sized enterprises (SMEs) in Ireland, providing protection from adverse market developments while also giving the flexibility to tailor strategies to specific requirements, hedging objectives and risk appetite.
Western Union Business Solutions risk management solutions are designed for businesses of every size, engaged in cross-border trade. For example, companies can now lock in a current exchange rate for a set period of time or choose flexible forwards, also known as currency options, that will allow them to effectively manage risk while taking advantage of positive changes in market exchange rates.
“Irish SMEs face many challenges with international payments that can lead to a negative impact on their bottom line. The difficulty with forecasting cash requirements can put profit margins at risk,” said Joanne Hunger, director for Central Europe and Ireland, Western Union Business Solutions. “The introduction of currency options will support business development and reduce risk from foreign payables and receivables.”
Forward Contracts and Currency Options in Ireland will be sold by Western Union Business Solutions through Western Union’s wholly owned subsidiary, Western Union International Bank GmbH. Western Union Business Solutions now offers Currency Option products in the UK, Australia, New Zealand, Singapore, Canada, United States of America, Austria, Germany, Czech Republic, Poland, Italy, France, Switzerland and Ireland.
“By offering a full suite of risk management solutions to small and medium-sized enterprises (SMEs), we can help businesses execute a simple but effective risk management plan with the right combination of risk management solutions to protect against currency volatility and ultimately support business growth,” added Frederic Simon, vice president, FXS head of sales, Western Union Business Solutions.
For organisations seeking a partner to optimise cross-border payments, Western Union Business Solutions provides solutions to send, receive and manage international payments. Our extensive global network, spanning 200 countries/territories and 130 currencies combined with our knowledge of local markets enables companies to manage international payments simply, effectively and efficiently.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of December 31, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2018, is available in more than 60 countries, plus additional territories, to move money around the world. In 2018, we moved over $300 billion in principal in nearly 130 currencies and processed 34 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.