Western Union has collaborated with brokerage company Acciones&Valores to offer the WU GlobalPay for FI platform in Colombia.
GlobalPay for FI processes payments leveraging a network spanning across 200 countries.
Go deeper with GlobalData
Furthermore, the platform will support the process of creating international orders and finding beneficiary bank data.
Using the platform, Acciones&Valores can offer international payment services and that too without incorporating new systems infrastructure.
Acciones&Valores Treasury Solutions manager Felipe Jaramillo said: “With GlobalPay, we provide entrepreneurs the flexibility to make their transfers at any place and time from their mobile device or computer.
“The transfers eliminate intermediaries in the supplier’s local currency, saving potentially 10% in the cost of invoices issued by suppliers abroad.
“Our digital solution will be mainly offered to importers, exporters, pensioners living abroad, law firms and international students.”
Last November, Western Union unveiled the WU GlobalPay for FI platform in Jamaica in association with GraceKennedy Currency Trading Services.
Western Union Business Solutions vice president for Latin America Alfred Nader said: “This digital platform will allow Colombian small and medium enterprises direct access to their international payments 24-hours a day, streamlining exports of flagship products such as coffee, flowers, fruits as well as imports of other commodities.”
Earlier this month, Western Union partnered with Visa to support quicker cross-border payments.
