TOKYO--(BUSINESS WIRE)--The Western Union Company, a leader in cross-border, cross-currency money movement and payments, has announced that KYODAI Remittance will begin utilizing services from Western Union Business Solutions to fulfill business to business (B2B) cross-border payments for corporate customers.
This is the first time Western Union Business Solutions has formed a business alliance with a Japanese money transfer company for the purpose of B2B international payments. The first phase of KYODAI’s implementation roadmap is to begin using WU® GlobalPay for Financial Institutions to provide business customers with access to direct, reliable payment routes and minimal fees on one of the largest payment networks in the world.
“We are excited to build on the strength of our relationship with KYODIA Remittance and support the institution’s expansion into B2B cross border payments in Japan,” said Haruhiko Ohashi, Head of Japan, Western Union Business Solutions. “We have worked closely to meet the needs of KYODAI Remittance and its customers, developing a bespoke solution that will integrate our platforms with their environment. We look forward to continued success working with KYODAI Remittance to support the growing international trade market.”
KYODAI Remittance has been providing C2C cross border payments through Western Union since 2019 but the revision of Japan’s Payment Services Act on 1st May 2021, which removed the JPY 1 million funds transfer services cap by non-bank institutions2, has enabled the financial institution to expand its B2B cross border payment services.
For organizations seeking a partner to optimize cross-border payments, Western Union Business Solutions equips them with the solutions they need to send, receive, and manage international payments. Our extensive global network, spanning 200 countries and territories combined with our local market knowledge, enables organizations of all sizes to manage international payments simply, effectively, and efficiently.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About KYODAI Remittance
KYODAI Remittance is an international money transfer service launched by Unidos Co. Ltd (Unidos) in June 2010, mainly for repatriation of foreign residents in Japan, covering 200 countries and territories1, for remittances of up to 1 million yen per transaction. The alliance between KYODAI Remittance and Western Union Business Solutions will benefit Unidos and its corporate customers by the increased coverage of countries supporting B2B remittances. As of April 2021, the total number of remittances processed by Unidos topped 5.6 million. For further information on KYODAI Remittance, visit https://kyodairemittance.com/.
1 In the case of remittances between individuals, Unidos retain staffs from 21 countries, supporting in more than 20 languages. (As of 2021/6/1)
2 https://www.jonesday.com/en/insights/2021/05/japans-amended-payment-services-act-could-prompt-more-nonbank-entries-into-traditional-banking-services
