Western Union Expands Real-Time Payments In Europe
Western Union International Bank Joins SEPA Instant Credit Transfer
Western Union, a global leader in cross-border, cross-currency money movement and payments, announced that the Western Union International Bank (WUIB) has joined the Single Euro Payments Area Instant Credit Transfer scheme (SCT Inst) as a Direct Participant, further enhancing the company’s real-time payment capabilities in Europe.
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Joining SCT Inst allows Western Union to offer its consumers—across the 24 countries and more than 2,300 financial institutions that take part in the SCT Inst scheme—additional real-time money transfer and payment options, available 24/7, providing more choice and convenience and further improving speed and reliability. Progressively, SCT Inst participation will enable consumers using Western Union’s global financial network, spanning more than 200 countries and territories, to send and receive real-time payments to/ from the scheme’s participating countries and financial institutions.
Peter Bucher, Managing Director of the Western Union International Bank, said: “This is an achievement that showcases how WUIB is a truly agile, customer-focused organization, at the vanguard of digital innovation. We continue to deliver cutting-edge products and services to expand and enhance the relationship with our customers across Europe.”
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SEPA Instant Credit Transfer enables pan-European credit transfers, with funds made available on the account in less than ten seconds. The scheme forms part of the Single Euro Payments Area, launched in 2008 by the European banking and payments industry with the support of national governments, the European Commission, the Eurosystem and other public authorities. SEPA has harmonized the way non-cash euro payments are conducted and covers several countries beyond the euro area or the European Union.
Shelly Swanback, President, Product and Platform for Western Union, said: “Joining STC Inst as a Direct Participant is a significant milestone, reflecting Western Union’s role as an important financial services provider in Europe. Already, over 60% of our global account payout transaction volume is delivered in real-time. But we don’t stand still: We continue to invest in expanding our real-time payment capabilities, as we work to give consumers additional options and convenience across platforms, devices, borders and currencies.”
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