World's leading money transfer company,
Western Union Co.
), has signed a pact with Expaticore Services LLC - a leading
provider of global payroll and mobility solutions, to strengthen
its service delivery platform and expand its presence in the
growing international payroll and mobility industry.
Direct beneficiaries of this new deal would include those using the
Expaticore program. Per the deal, Western Union will offer seamless
service to transfer payroll-related funds to employee and tax
authority beneficiaries anywhere in the world.
The deal would facilitate remittance of funds to employees in more
than 200 countries and territories across the globe. The
transaction will be made through the Western Union's Business
Solutions segment, which along with transferring funds will also
conduct validation and compliance check on employees. Moreover, the
facility of local clearance of payments in more than 70 countries
will save the fees charged by the bank, thus reducing the overall
cost of global payroll management.
Western Union has specifically picked up Expaticore, a newly formed
company established in 2002, since it boasts of expertise in
offering expert guidance and support to clients who transfer their
employees worldwide. Notwithstanding its limited operating history,
Expaticore has grown organically into a leading service provider
and consulting firm offering a broad spectrum of integrated global
human resource solutions. Notably, Western Union has been connected
with Expaticore for the past 7 years.
This move by Western Union reflects its desire to grow in an
industry which holds scope to expand going forward, as more and
more companies cross their local and national boundaries to enter
international markets. There are, at present, few players in the
global pay management industry and Western Union, with its brand
value, superior and reliable service, and broad network across the
globe, is uniquely poised to remain ahead of its ilk.
Western Union currently carries a Zacks Rank #3 (Hold).
Better-ranked players from the industry include
Fidelity National Information Services, Inc.
Total System Services, Inc.
VeriFone Systems, Inc.
). All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
VERIFONE SYSTMS (PAY): Free Stock Analysis
FIDELITY NAT IN (FIS): Free Stock Analysis
TOTAL SYS SVC (TSS): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
To read this article on Zacks.com click here.