Western Union Co
Westernunion.com, the company's online portal which provides services in 200 countries, will be part of the new Western Union Ventures unit, led by Chief Marketing Officer Diane Scott.
The company's electronic channels business arm that includes westernunion.com and mobile payments reported revenue growth of 35 percent in the second quarter.
The new unit will drive its strategic initiatives in consumer money transfer, business-to-business payments and new products and services, the company said in a statement.
The Englewood, Colorado-based company also said that David Yates, its executive vice-president of business development and innovation will leave the company on September 30 to pursue business interests in Europe.
In July the company agreed to buy Travelex's global business payments division for nearly $1 billion to enhance its international business payments services.
Western Union shares, which values the company at $10.2 billion, were trading at $16.42 in morning trade on the New York Stock Exchange.
(Reporting by Satyanarayan Iyer in Bangalore; Editing by Don Sebastian)