All articles by Louise Naughton
Louise Naughton
The right price at the right time?
Western Union is in the process of acquiring Travelex Global Business Payments, the spun-out B2B unit of foreign exchange specialist Travelex. Plans to challenge the SWIFT network should benefit from the extra investment, writes Louise Naughton, but it can be difficult to remain focused and grow at the same time.
Western Union announces Q2 2011 results
Western Union has announced revenue of $1.4bn during Q2 2011, an increase of 7% from a year previous.
Child’s play
Custom-designed prepaid programmes for schools are being rolled out in the UK and across Europe. Not only do these represent a convenient way for parents to pay for school meals, they also prevent pupils who receive state aid from being stigmatised in the classroom. Louise Naughton reports.
UK banks cancel 2018 cheque phasing deadline
The UK Payments Council has scrapped its 2018 deadline to kill off the cheque, bowing down in the face of fierce opposition. In a surprising u-turn, the Payments Council has reassured UK consumers that cheques will continue for as long as customers need them.
In the face of controversy
Facebook Credits is the payments system that could solve the online micropayments conundrum. But Facebooks market position is a major cause for concern for many with consumer groups levelling accusations of anticompetitive behaviour at the internet giant. Louise Naughton reports
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New Zealand plans cheque review
New Zealand is set to follow in the footsteps of other major markets as it plans to commence a review into cheque usage later this year in a bid to manage its decline.Payments NZ (PNZ), which took over responsibility for the industry rules and standards – previously the domain of the New Zealand Bankers Association, is currently considering a proposal to undertake an initial study, which if approved, will aim to understand how cheques are used in the country.
Revised Facebook terms ‘not good enough’
Facebook has not gone far enough in its latest revision of its blatant anticompetitive virtual money terms and a Federal Trade Commission (FTC) intervention is still necessary argues Consumer Watchdog.Shortly after Consumer Watchdogs call for a FTC investigation into Facebooks anticompetitive and unfair business practices regarding its virtual currency Facebook Credits, the social networking site changed a rule that was accused of stifling price competition.
Western Union to acquire TGBP
Western Union will acquire Travelex Global Business Payments (TGBP) an international business payments specialist provider, in a cash deal worth £606m ($970m).The remittance specialist plans to accelerate growth for the combined business by driving further geographic expansion, gaining access to new customers and segments, introducing the TGBP third party distribution capabilities to Western Unions financial institution relationships, and leveraging the Western Union agent network for distribution in certain markets.
Western Union expands FX services in the UAE
Western Union has extended its relationship with Emirates International Exchange to launch its international business payments service in the UAE. Western Union Business Solutions seeks to enable businesses of all sizes to manage their international transactions, reduce risk, and act on market opportunities through various services such as online FX for small businesses and corporate FX solutions that include foreign currency payments, currency risk management consultation and industry solutions.
Facebook accused of anticompetitive practices
Facebook has been accused of engaging in anticompetitive and unfair business practices in the virtual goods market by Consumer Watchdog. In a letter to the Federal Trade Commission (FTC), Consumer Watchdog has demanded an investigation into Facebooks seemingly anticompetitive conduct following revised Facebook terms that are considered to violate Sections 1 and 2 of the Sherman Act and Section 5 of the FTC Act.