Western Union / Société Générale Partnership
- Société Générale has extended its partnership with fund transfers specialist Western Union. Société Générale’s International Retail Banking's network (BHFM) has already been offering Western Union services to 25 countries in 2,500 points of sales.
- This new agreement expands these services to Europe (excluding France), Africa, Asia-Pacific and to the CIS (former soviet republics). These last two regions are part of Western Union’s main development targets.
- Western Union is confronted to an increasing number of niche operators which have had to request a PI authorisation in order to comply with the PSD. Most of the PI authorisations granted in France and in the UK namely concern funds transfer services. The world number one is now trying to stay ahead through diversifying its network and enhancing its service offering.
- Last July 2011, Western Union purchased Travelex, its corporate currency exchange division, thus re-equilibrating the sales generated by professional payments (400 million dollars) with those generated by consumers (one billion dollars), its historic business.
- Earlier this year, Western Union partnered with the Chinese e-commerce website Alibaba, to enable e merchants from its market place AliExpress.com to receive cash payments in Western Union branches. Once the item paid for, the delivery process is triggered through a WU notification. This service is meant for developing markets: China, South America, Eastern Europe, Middle East and Africa.
- The agreement does not include France as it is already covered by Western Union’s partnership with French La Poste (60% of its post offices propose the operator’s offer).