The Western Union Company, a leader in global payment services, and MasterCard formalized a deal that will enable remittances originated from nearly anywhere across the globe to be received on Maestro and MasterCard consumer cards using automated teller machines (ATMs) across Romania, one of the largest remittance receivers in Eastern Europe.
An innovative tripartite agreement between Western Union, MasterCard and Banca Transilvania (BT) will provide the choice to millions of cardholders to withdraw international remittances from over 900 BT owned ATMs in Romania. „The service is expected to be activated later this year.”, according to the press release.
The initiative realizes Western Union’s strategy in giving customers choice; while adding to the company’s growing foray in directing global remittances into account-based channels.
“This is a ground-breaking deal which brings together the unique capability of Western Union’s global cross-border capability spanning 200 countries and territories, MasterCard’s world-leading payment capabilities and the domestic network of Romania’s third largest bank,” said Odilon Almeida, President of the Americas and European Union,Western Union.
“Senders will still be able to use any of Western Union’s global cash or digital pay-in options. Now MasterCard and Maestro cardholders in Romania will be able to withdraw these funds quickly in cash or load the funds directly onto their cards. We are putting customers in the driver’s seat to access their international remittances with the convenience, efficiency and control that so many are seeking,” he added.
More than 16.5 percent of Romanians live outside of Romania’s borders, according to the International Organization of Migrationii. A significant number live in Italy, Germany and Spain. Collectively, these three countries account for more than 50 percent of cross-borders transfers into Romania.
“We are delighted to be offering our cardholders in Romania the opportunity to access their international remittances with even more convenience,” said George Simon, President, Central Eastern Europe, MasterCard.
“Providing convenient and quick ways for customers to access their funds has always been our high priority,” addedBanca Transilvania CEO Omer Tetik. “Collaborating with Western Union – a leading global payments leader andMasterCard – the world’s leading payment processor means – we are making it easier than ever before for our customers.”
About Western Union
As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
