In an effort to serve the NGOs better, the world's leading
money transfer company,
Western Union Co.
) has announced to expand the services offered by its separate
platform - NGO Global Pay. Via NGO GlobalPay, Western Union
serves the non-profit, non-government organizations and also
benefits those covered by the NGOs to a greater extent.
Western Union started out with NGO GlobalPay back in Dec 2012.
It aimed at providing fast and reliable service to NGOs to
transfer funds without any delay. The company is bent on serving
this demographic group, which it considers underserved.
Under NGO GlobalPay, Western Union has combined its
business-to-business payment products offered by Western Union
Business Solutions with the global infrastructure of the Western
Union Agent network. The company is using its wide agent network
of physical locations to connect NGOs around the world.
Western Union provided the NGOs with a number of payment
options such as transfer in cash or via bank accounts, mobile
phones, and prepaid cards. Under the program, they have been
provided with new solutions in order to keep a track on fund
disbursement, which will provide greater transparency and
Also, these organizations are able to protect themselves from
any adverse forex movement effects by using currency risk
management solutions from Western Union.
With the extension of the service, Western Union NGO GlobalPay
will now be able to remit cash to 59 countries. The company is
targeting to expand this service to 189 countries by the end of
2013. NGO GlobalPay also has the facility to make payments to
mobile wallets in 11 countries in Africa, Asia and Latin
Besides, there will be increased flexibility through the
option of making bank payments in 130 currencies. NGOs will also
get the benefit of tracking their payment from start to end by
Though expansion of the service under NGO GlobalPay does not
have much business implication for Western Union, this initiative
by the company shows its dedication towards the 'Clinton Global
Initiative' ("CGI") through its Commitment to Action. CGI is a
platform, which encourages organizations and corporations to do
their bit in making the world a better place by serving those who
need help. The company has so far served 500 NGOs via this
Western Union carries a Zacks Rank #3 (Hold). Other players
FleetCor Technologies, Inc.
Portfolio Recovery Associates Inc.
) both with Zacks Rank #1 (Strong Buy) and
American Express Co.
) with Zacks Rank #2 (Buy) are worth investing in.
AMER EXPRESS CO (AXP): Free Stock Analysis
FLEETCOR TECH (FLT): Free Stock Analysis
PORTFOLIO RCVRY (PRAA): Free Stock Analysis
WESTERN UNION (WU): Free Stock Analysis
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