Western Union (WU) Unit Ties Up to Ease Global Payroll Process

The Western Union Company’s WU unit Western Union Business Solutions recently tied up with the U.K.’s leading software solutions and services provider — IRIS Software Group.

Notably, the international partnership, which has a tenure of five years, will integrate IRIS Fully Managed Payroll’s (FMP) technology and experience with the robust digital platform of Western Union.

The sound technology of IRIS FMP eases calculation and further processing of employee salaries done by payroll managers and accountants. Meanwhile, Western Union Business Solutions provides the much-needed solutions through which companies can make faster, timely and seamless cross-border payments to their employees.

Thus, the collaboration will lead to launch of hassle-free and improved payroll and payments solutions. These will be of great use to global organizations, which need to make cross-border payments to their employees in various currencies. Consequently, the in-house groups and specialist providers will be equipped to process robust payroll volumes, which in turn will result in employee satisfaction.

Moreover, the recent move seems to be time opportune for those organizations with global workforce. The tie-up also intends to address the complexities prevalent across diverse regulatory environments and cultures, which have aggravated amid the COVID-19 outbreak. These barriers have been somewhat hindering companies’ efforts to reach out to worldwide talent pool. Considering the headwinds faced in international payroll and payments across well-established and emerging global markets, the latest move also reinforces the trust that organizations have on Western Union.

Time and again, Western Union Business Solutions has rolled out solutions to enhance management of international payments through an expansive worldwide network across 200 countries and territories. And IRIS Software seems to be the apt partner to complement the company’s endeavor. It has to be noted that IRIS payroll offerings make payments to around 20% of the U.K.’s workforce, while 90% of the international workforce is served by IRIS HR and payroll solutions.

Recently, this unit of Western Union also partnered with Japan’s Ritsumeikan University to facilitate fees payment for its international students.

Furthermore, Western Union has built a robust digital arm through massive investments and continued collaborations. This has helped the company to enhance its digital capabilities and reach out to various corners of the world. Owing to a well-performing digital arm, the company remains on track to achieve digital revenues crossing the $1 billion mark during 2021.

Other companies that have made significant investments to upgrade their digital arm are MoneyGram International, Inc. MGI, PayPal Holdings Inc. PYPL and Square, Inc. SQ.

Zacks Rank & Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 32.7% in a year compared with the industry’s rally of 14%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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The Western Union Company (WU): Free Stock Analysis Report
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