World's leading money-transfer company,
Western Union Co.
), has announced that the unit Western Union Business Solutions
will expand its presence in the European Union.
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The expansion will come in the form of new offices in Frankfurt,
Germany and Vienna, Austria. Western Union will provide its
international payments service in these regions via specialized
teams. Western Union is primarily targeting the Small and Medium
Enterprises (SMEs) engaged in international trade.
Western Union will provide SMEs with the convenience of making
payment for transactions in more than 135 currencies to over 200
countries and territories across the globe.
Western Union is focused on the SME sector, as it constitutes the
major part of the European Union market and contributes
significantly to the national income. According to Federal
Statistic Office there are more than two million such businesses
in Germany and Austria combined.
Other endeavours of the company to promote service to SMEs
includes the launch of Online FX and Online FX for Mobile
services in France, Germany, Ireland and Italy, making it easy
for the SMEs in these regions to make payments to their suppliers
Western Union had also tied up with Emirates International
Exchange to provide cross-border business payments services and
foreign-exchange solutions to SMEs in the Middle East.
Western Union foresees a huge opportunity in the global SME
market, which is comparable in size with that of the cross-border
remittance market, worth $24 billion.
Another money transfer company
Moneygram International Inc.
) is also seeking to grow internationally and has an active
presence in the region of the European Union.
Western Union currently carries a Zacks Rank #3 (Hold). A player
from the industry,
Euronet Worldwide Inc.
) carries a Zacks Rank #2 (Buy), while another company
Grupo Financiero Banorte, S.A.B. de C.V.
) carries a Zacks Rank # 1 (Strong Buy). Both are worth