Western Union to compete in the international B2B payments space
Commerical Payments International is reporting that Western Union is getting ready to compete in the B2B payments space. I'm wondering out loud if the same P2P limitations outlined in the previous post, applies to B2B transfer?
Western Union to compete in the international B2B payments space
With its acquisition of international B2B (business-to-business) payments provider Custom House, Western Union has placed itself firmly as a competitor in the international B2B payments space. Custom House processes payments originating in seven countries for payout in 120 countries.
This acquisition introduces Western Union to a new market – cross-border payments for small- to medium-sized enterprises (SMEs). The SME segment has become an increasingly important focus for payments providers in recent times as they develop products designed to serve the needs of this previously underserved market.
Western Union estimates that the SME cross-border payments market generates global revenue at least as great as the consumer-to-consumer money transfer market.
Currently, Custom House enables more than 40,000 clients to make payments in over 150 currencies. Its clients range from businesses with a need to pay international staff to firms that want to pay vendors and merchants.
