Western Union Business Solutions uses the latest technology to help businesses navigate the difficult terrain of international payments.
Technology has eliminated borders and freed up businesses of all sizes to operate in international markets. It’s now easier than ever to move money around the world – but these new opportunities come with new challenges.
When suppliers and clients are paying in different currencies, things can get complicated quickly. And with businesses increasingly looking to new markets further afield, companies are having to contend with currencies beyond the relatively stable dollar and euro.
The sheer pace of change doesn’t help either: currencies that used to shift over weeks and months now fluctuate by the day. Business needs don’t always coincide with currency fluctuations; there is a lack of transparency over cash flows and currency exposures, with unpredictable market volatility often meaning that the price paid isn’t always the price received.
“Western Union has access to over 130 currencies, and a global financial network spanning more than 200 countries and territories.”
“Some organisations deal with a lot of international payments and have complex trading patterns,” says David Prendeville, head of UK FX Services at Western Union Business Solutions, which helps many companies navigate the complex waters of trading overseas.
“Organisations need control over their international payments so they can manage cash flow on a global scale. Western Union has access to over 130 currencies, and a global financial network spanning more than 200 countries and territories, so we’re in a good position to help them spend less time managing international financial transactions and more time growing their businesses.”
There are three major needs for the UK’s SMEs when it comes to shifting currencies, according to Mr Prendeville.
First is transparency over cash flows and potential future costs. Second is identifying currency exposures and managing the impact of volatility on profits. Third is allocating the right time and resources needed to manage international payments, which can be considerable. These factors can be relatively benign, but when they change rapidly, they can leave organisations painfully exposed and out of pocket.
Western Union’s research suggests that 27pc of businesses feel economic uncertainty is the biggest concern when it comes to international trading, and WUBS is using both artificial and human intelligence to navigate the difficult terrain of foreign exchange.
Western Union’s financial specialists are able to provide clients with market insight and advise them on risk-management strategies.
Western Union Business Solutions is a business unit of The Western Union Company. Services in the UK are provided by Western Union International Bank GmbH, UK Branch and Custom House Financial (UK) Limited (which does business under the trade name of Western Union Business Solutions).
For more information, visit westernunion.com