Consumers Can Use Canadian Bank Accounts to Fund International and
Domestic Money Transfers via WU.com and the Western Union App
TORONTO, SEPTEMBER 12, 2019 — Western Union, a leader in cross-border, cross-currency money movement, today announced it has launched online account-funded money transfers through an alliance with Paramount Commerce, a Canada-based payments technology company.
Consumers in Canada can now send money from westernunion.com or the Western Union® mobile app—funded from their bank accounts—directly into bank accounts in over 100 countries and territories around the world, or to be paid out in local currency at hundreds of thousands of Western Union Agent locations globally.
Building on a decade of Western Union’s digital innovation in Canada, this new service expands on the company’s robust omnichannel offerings for Canadian consumers, delivering choice and convenience in money movement.
“As global digital money transfers continue to grow, consumers are increasingly expecting alternative payment methods to credit cards, including being able to fund transfers directly from their bank accounts,” said Molly Shea, Head of Americas Network, Western Union. “With the launch of account-funded services, we are pleased to offer our customers more choice, both for how they would like to pay and also how the receiver would like to get their funds.”
“For us, combining Paramount’s vast experience in bank-based processing and transactional risk management with Western Union, a leader in global remittances, was a natural fit,” said Justin Ferrabee, Chief Executive Officer, Paramount Commerce. “We know Canadians are very comfortable with the convenience of online banking, and we are pleased to bring this expanded choice to their money transfer experience.”
According to World Bank data, consumers in Canada sent more than USD $24.6 billion abroad in 2017. China, India, the Philippines, France and Italy make up nearly half of the receive remittances. These markets total an estimated 1.6 billion adults with bank accounts, or 42 percent of global bank adults.
For more information about this new service, consumers can visit westernunion.ca.
# # #
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2019, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2018, is available in more than 70 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
About Paramount Commerce
Paramount Commerce is an innovative financial technology company that provides real-time, bank account level data intelligence and bank-verified payment processing for ecommerce merchants. Since launching more than 15 years ago, our patented online banking verification technology has been used by millions of consumers in more than 30 countries and processed over $35 Billion in volume. For more information, visit www.paramountcommerce.com.