WESTERN UNION AND PSI-PAY: A MONEY TRANSFER MERGER FOR THE AGES


Western Union Company is an American company based out of Meridian Colorado. At its inception, Western Union was known for exchanging telegrams and later came to be one of the market leaders of transferring money through various methods such as in-person, money orders, and business transactional payments. In recent years, Western Union has made several key acquisitions such as Custom House in 2009, and Angelo Costa, Finint s.r.l. and Travelex in 2011. Along with its many successes, Western Union has been the talk of some major negative press over the years. In 2015, the company was accused of money laundering and financing of terrorist groups. They have also been accused of helping the military with providing confidential information on other country’s enemy territories.

 

PSI-Pay has been in operation since 2007 and they are based out of West Sussex, United Kingdom. PSI-Pay offers payment solutions to businesses around the world. They are considered a payment processing company that is licensed to authorize financial transactions. Since 2009, they are the primary issuing member of MasterCard International and they are tasked to issue debit and prepaid payment cards. They have also partnered up with Visa doing the same type of issuance of cards as well.

 

In a recent July 2018 article, the merger between Western Union and PSI-Pay (ecoPayz) is discussed. ecoPayz online holders now have the ability to fund transactions using Western Union’s global network of retailers in the United Kingdom. This opens up opportunities for other online payment companies to utilize Western Union’s global network. This network includes up to 150 different countries and territories. ecoAccount holders have access to billions of bank accounts to either send or receive money transfers. Plans are underway to widen Western Union’s presence in the United Kingdom by integrating Western Union with the ecoPayz mobile app which will allow funds to be transferred globally. Per Jonathan Amrani, Operations Director of PSI-Pay, the ultimate goal for ecoPayz is to have global access around the world and to provide a basis “to grow and reach new customers”.

 

 

 

 

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