Following this announcement, the collaboration aims to support fast and efficient money movement between Canada and 200 countries and territories around the world.
In addition, the process of integrating Zūm Rails APIs into Western Union’s network is set to enable the company to drive real-time movement of funds for Western Union customers using Interac eTransfer. With the use of Interac eTransfer, clients will have the possibility to instantly fund their money transfers in Canada, then send the money anywhere in the world.
With the overall rise of real-time payments and other digital experiences, clients and users have become accustomed to sending and receiving money in a fast and secure manner. However, the speed of the procedure is dictated by the payment rails technology, which is integrated into a financial institution’s network. While new options have emerged in order to facilitate transactions in real-time, building the technology to integrate these rails and supporting compliance protocols into their existing infrastructures requires significant time and resources.
According to the official press release, Western will leverage its technological development and its deep history in the cross-border remittance industry. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. Furthermore, they will also work on bringing a number of new digital financial services to market, aiming to complement the solutions customers and businesses expect and need.
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