WU restructures and increases focus on alternative payments

Western Union has restructured, forming a new business unit,
Western Union Ventures, which brings together its online payments,
prepaid/stored value and mobile offerings.

The formation of the new unit follows the announcement that
Western Union’s executive vice president of business development
and innovation, David Yates, will leave the company at the end of
September.

Diane Scott is to take the role of chief marketing officer and
president of Western Union Ventures. A Western Union statement says
the move is intended to “leverage the company’s existing assets to
increase consumer loyalty and retention, attract new consumers, and
obtain a higher share of wallet.”

Westernunion.com, prepaid/stored value, and mobile money
transfer will sit within the Western Union Ventures business
unit.

Western Union reported last month its second-quarter profit rose
19% as all regions posted growth and bill payments showed top line
improvement.