Western Union has teamed up with open-banking platform Plaid to streamline the process of sending and receiving cross-border payments.
Through the collaboration Western Union is aiming to make its remittance and payment processes more straightforward and secure for its customers in Europe. Among the enhancements, Western Union customers can now access fast open banking-powered account verification from Plaid, a process that is traditionally time-consuming and can slow down money transfers.
The integration expands its omni-channel digital experience and improves security measures, enabling Western Union to offer higher thresholds for payments made through Plaid.
With expanded transfer limits customers will be able to send larger amounts of money across borders, whether they’re a business owner managing international transactions or an individual sending money to family and friends abroad. Internally, the collaboration is expected to support Western Union’s operations by saving time and boosting productivity.
Speaking on the deal, Brian Dammeir, Head of Europe at Plaid said: “Consumers are demanding easier and simpler border-less payments without compromising on security. Plaid is delighted to collaborate with Western Union to enable users to make larger payments, safer and faster,”
Bart Stencel, VP Omnichannel Marketing Europe at WesternUnion added: “It was great working with Plaid to offer a new, easier way of doing money transfers with us. This collaboration shows how we at Western Union invest in innovation to provide our customers with the flexibility and trust they need.”
