Western Union is an American financial service and communications company headquartered in Colorado that was founded in 1851. It is a global leader in cross-border and cross-currency money movement. The network includes over 550 thousand retail locations in more than 200 countries and territories. With the global reach of Western Union, it moves money to connect families, friends, and businesses to support economic growth. Western Union announced in July of 2018 that ecoAccount digital wallet holders are now able to send Western Union transfers from the U.K. This was made possible by the integration of Western Union’s money and ecoPayz platform.
ecoPayz products are offered by PSI Pay which has become Western Union’s first United Kingdom-based online Agents. PSI Pay a United Kingdom-based banking alternative company that was created in 2007, is a system that provides payment solutions to businesses globally. It is licensed to issue prepaid cards, debit cards, and electronic payment regulated products. It issues e-money, payment instruments, and related products and services
— PSI-Pay (@PSIPayLtd) August 24, 2015
E-money depends on government regulation and is equal to fiat current exchanged in electronic form. This integration will create a way for a new class of online payment processors to join the global Western Union Company. ecoPayz customers are now able to top up funds online via the Western Union website and applications. Adding on to that, customers in the U.K. can send domestic or international currency seamlessly through their ecoAccounts into whomever bank account of their choosing or for payout in cash.
There are also talks to expand Western Union services to ecoPayz’ mobile application and enable the worldwide community to send money more globally. This is currently only possible in the United Kingdom. Nearly thirty percent of banking customers are using products and services from the non-traditional firms. This will open up and enable customers to have more flexibility with their money and their accounts.