Western Union, a provider of cross-border, cross-currency money transfer and payments, is working with Faysal Bank, an Islamic bank in Pakistan, to improve its real-time bank account payout network.
Receivers of international money transfers in Pakistan benefit from Western Union’s real-time account payout capabilities through a vast bank network in Pakistan, with Faysal Bank processing real-time payments to over 35 banks.
Faysal Bank’s retail network of more than 575 outlets is currently paying out Western Union international money transfers in local currency to consumers.
Customers of Faysal bank can now receive money in real time into their accounts, as well as to other banks across Pakistan, thanks to an expanded cooperation with Western Union.
Western Union’s digital services are available in 75 countries and territories, while Western Union’s renowned retail agent network is available in more than 200 countries and territories.
“For 170 years, Western Union has made it easy for people all over the world to connect — it’s what we do best. Only by improving our technology through improved innovation and collaborations, such as with Faysal Bank, will we be able to keep up with demand.
Western Union can now service both existing and new bank-centric and tech-savvy clients thanks to our growing cross-border capability.”
Western Union Country Director for Saudi Arabia, Pakistan, Afghanistan, Sudan, and South Sudan, Ali Badreddine, said.
“Our partnership with Western Union is aimed at providing clients in Pakistan with greater access to money transfers. We’re excited to be able to send money transfers straight to bank accounts, demonstrating our dedication to provide a variety of options for all Pakistani clients.
We are hopeful about the future and anticipate a fruitful relationship between our companies.”
Faysal Bank’s Head of Corporate and Investment Banking, Ali Waqar, stated.
Source: Fintechnews
