The collaboration will allow NH I&S account holders in South Korea to send and receive money through Western Union mobile app or 85 of its branches
Western Union has teamed up with South Korea-based investment and securities company NH Investment & Securities (NH I&S) to expand its operations in South Korea.
The cross-border, cross-currency payments firm said that its branded digital and retail person-to-person (P2P) transfers within the portfolio of financial services will be offered to NH I&S account holders.
NH I&S account holders in South Korea are now enabled to send and receive money through Western Union channels, including mobile app or 85 branches located across South Korea.
Also, NH I&S Account holders are allowed to choose if their transfer being paid into recipient bank accounts in select countries across the world or at the firm’s 550,000 retail locations in more than 200 countries.
Western Union Singapore, Indonesia, and North Asia Network head K Premmananth said: “We are delighted to offer Western Union branded services to the account holders of NH I&S, a leading financial institution in South Korea.
“It provides choice to send and receive money with 24/7 digital access or in-person branch services. Providing multi-channel choice to customers is an important goal for Western Union – whether that is to pay-in or pay-out funds based on their individual preferences.”
“At Western Union, we are serving customers directly through our own branded channels or offering services in partnership by innovatively integrating our services via a branded, co-branded, or white-label model. This reshaped business model is enabling us to serve customers in a manner that is most convenient to them.”
Western Union said that its cross-border, cross-currency platform easily integrates local regulation, compliance, channels, currency, and language.
The capability translates into a payment experience of convenience, choice, and trust for consumers served directly by Western Union.
Recently, the company has opened its platform to several partners, representing the financial, telecom, and tech sectors.
Pursuant to Korea’s local laws and regulations, customers can visit any NH I&S location to open an account for verification, or register on the mobile app and select an electronic verification, before the first use of the service.
After the account is verified and active, customers are allowed to send and receive Western Union money transfers either at NH I&S locations or through the mobile app.
NH Investment & Securities WM sales strategy department director Ji-Hoon Song said: “We have integrated Western Union services to meet the unique needs of our diverse customer base.
“The addition of Western Union is a part of our commitment to offer service excellence for our customers by offering the widest range of services under one umbrella. The integration of Western Union’s global digital capabilities is of utmost importance. To optimise our relationship, we are dedicating resources to expand services.
“Evolving globalisation and digitalisation are shaping the financial industry and we believe it is important to adopt a multi-channel strategy, providing customers choice so that they have the best experience.”