Western Union has expanded its presence in the South Korean market by partnering with investment and securities firm NH Investment & Securities (NH I&S).
Under this partnership, the cross-border payments provider integrated its digital and retail person-to-person (P2P) transfers within the financial services portfolio provided to NH I&S account holders.
This integration allows NH I&S account holders to use Western Union to send and receive payments via the company’s app or 85 branches across the country.
They can transfer the funds to recipient bank accounts at 550,000 retail locations in more than 200 countries and territories.
Moreover, the cross-border, cross-currency platform of Western Union offers local integration of regulation, compliance, channels, currency, and language, to clients.
NH I&S director of headquarter, WM sales strategy department Ji-Hoon Song said: “We have integrated Western Union services to meet the unique needs of our diverse customer base.
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By GlobalData“The integration of Western Union’s global digital capabilities is of utmost importance. To optimise our relationship, we are dedicating resources to expand services.
“Evolving globalisation and digitalisation are shaping the financial industry and we believe it is important to adopt a multi-channel strategy, providing customers choice so that they have the best experience.”
Western Union Singapore, Indonesia, and North Asia head of network K. Premmananth said: “We are delighted to offer Western Union branded services to the account holders of NH I&S, a leading financial institution in South Korea.
“At Western Union, we are serving customers directly through our own branded channels or offering services in partnership by innovatively integrating our services via a branded, co-branded, or white-label model.”
Recently, Walmart and Western Union announced a new agreement that will, for the first time, enable Western Union money transfer services at Walmart locations across the US.
In November 2020, Western Union expanded the availability of real-time digital payouts into 100 countries, covering billions of bank accounts.
