Leading cross-currency, cross-border money payments and movement firm Western Union Company has reportedly announced that KYODAI Remittance will commence using services from the Western Union Business Solutions to facilitate B2B cross-border payments for corporate consumers.
This deal marks Western Union Business Solutions’ first such business alliance with a Japanese money transfer firm for advancing global B2B payments functionality. The first implementational phase of KYODAI’s roadmap is to commence utilizing WU® GlobalPay for Financial Institutions to offer business consumers access to reliable, direct payment methods along with minimal fees on one of the world’s largest payment networks.
Haruhiko Ohashi, Head of Japan, Western Union Business Solutions, supposedly commented that the company is delighted to build on its robust relationship with KYODAI and reinforce the expansion of the institution into B2B cross-border payments in Japan.
Ohashi added that the firms have worked closely to cater to the needs of KYODAI and its consumers and have developed a solution that will integrate Western Union’s platforms with KYODAI’s environment. He also said that the company looks forward to continuing its collaboration with the Japanese company to bolster the rising international trade market.
Since 2019, KYODAI Remittance has been offering C2C cross-border payments through WU. However, the revision of the Payment Services Act of Japan on May 1, 2021, which eliminated the funds transfer services cap of JPY 1 million by non-banking institutions, has allowed the financial entity to widen its B2B cross border payment services.
For institutions looking for a collaborator to maximize cross-border payments, Western Union Business Solutions provides them with the solutions they require to send, receive, as well as manage international payments. The company’s global network spanning 200 territories and countries, in combination with its local market knowledge, allows organizations of all sizes to control international payments efficiently, effectively, and simply.