ENGLEWOOD, Colo.--(BUSINESS WIRE)--Western Union Business Solutions, a unit of the Western Union Company (NYSE:WU), a leader in global payment services, today announced the launch of new offices in Frankfurt, Germany and Vienna, Austria. Dedicated teams will bring improved international payments services to companies and organizations that operate internationally in both markets, particularly in the SME sector. These services include financial products designed specifically to support small and medium sized importers and exporters, allowing customers to execute payments in over 135 currencies to over 200 countries and territories around the world.
“I am very excited to be expanding our presence in Germany and Austria," said Raj Agrawal, President, Western Union Business Solutions. “Navigating the world of international payments can be a challenge, especially for SMEs whose time and resources are often stretched. Our services will help demystify that process and improve the efficiency and ease of their cross-border payments, so they can focus on growing their business.”
Combined, there are over 2 million SMEs in Germany and Austria.1 Germany exported over €1 trillion worth of goods in 2011 according to the Federal Statistic Office, while German imports were valued at €903 billion.2 Austrian exports were valued at €121 billion with imports at €131 billion over the same period.3
“German and Austrian SMEs are renowned for their ingenuity and resilience,” Mr. Agrawal continued. “The Mittelstand is a key driver of economic growth which is why giving SMEs the scale and service they deserve is vital to help them compete in the global market. Our ability to execute local currency payments around the world is unrivaled and will support customers’ efforts to negotiate better terms of trade and protect margins against unexpected currency fluctuation.”
The opening of German and Austrian offices is a key element of Western Union Business Solutions’ European expansion strategy as it grows its global presence and follows on recent launches in countries including Jordan, Chile and Poland.
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. Western Union is a leading nonbank provider of business payments, operating its Business Solutions services through locally licensed affiliates and partners in 29 countries. Supported by a network of trading offices, strategic banking relationships and a proprietary global clearing network, businesses can send cross-border payments in more than 135 currencies. Services in Austria and Germany will be offered via the Western Union International Bank, which is headquartered in Vienna.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.
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1 http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2012/germany_en.pdf
; http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2012/austria_en.pdf
2
https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/ForeignTrade/TradingPartners/Current.html
3
http://www.statistik.at/web_en/statistics/foreign_trade/foreign_trade_absolute_data/index.html