The Western Union Company (NYSE:WU), a leader in global payment services, and business incubator and broker dealer IBInvestor, Inc. today announced a strategic agreement to enable global businesses to move money quickly and reliably across borders. Western Union Business Solutions powers the iMoneywire.com service, where clients can make and manage international payments 24 hours a day, seven days a week from their computers.
Western Union Business Solutions provides an online payments platform that makes it easy for IBInvestor's global strategic media partners and its vast and growing readership to execute global business payments and manage foreign exchange. Businesses can make payments in more than 135 currencies, check real-time exchange rates and fees, and receive live customer support. The platform allows businesses to lock in exchange rates, and the recipient receives the precise amount expected in the selected currency.
IBInvestor has quickly emerged as one of the most successful business incubators, backing media companies globally with a combined reach of more than 10 million unique monthly visitors, said Raj Agrawal, President, Western Union Business Solutions. Its mission to empower people to conduct global business aligns well with our mission and an international payments platform is an important addition to their suite of services.
Western Union has an expansive global presence, cross border payments expertise, and transparent pricing, said David Enwright, President, IBInvestor. With Western Union Business Solutions' platform, iMoneywire provides small and medium enterprises (SMEs) with the tools to compete effectively in a global marketplace.
iMoneywire is initially available to clients making payments from the United States; the service will expand to other markets through local media partners where both Western Union Business Solutions and IBInvestor are present. iMoneywire will also offer news and information for businesses seeking intelligence about the currency markets and hedging tools.
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Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage foreign exchange, creating unique solutions tailored to suit their FX needs. Businesses are supported by a network of trading offices, strategic banking relationships and a global clearing network.