Western Union opens ‘wallet’ to ease foreign exchange for SMBs

Western Union is promising faster transaction processing and easier access to cross-border payments to Canadian small and medium-sized businesses through an extension of its Business Solutions product launched on Monday.

Described as a “business payments wallet,” the service will allow SMBs to add and hold funds for later using its Online FX platform, as well as pay international firms via e-mail.

Pre-funded U.S. dollar and Canadian dollar holding balances will allow for quicker payments, Western Union said. Funds that have been loaded onto the wallet and cleared are then available whenever the client needs to initiate a payment. Only a valid e-mail address will be required to deliver payments electronically, as recipients will be directed to a secure Web site.

The business payments wallet will be among the services offered through locally licensed Western Union affiliates and partners throughout Canada and the United States.

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