Western Union says it is partnering with China’s JD Digits, formerly known as JD Finance, are exploring new ways to combine the convenience of online and mobile financial technology services to allow fast and convenient cross-border remittances and payments.
First order of business is to move remittances from across the world into the mobile wallets and bank accounts of more than 400 million JD Digits individual customers, the companies said.
Cross-border money transfers between individuals play a significant role in China. As the world’s second largest receiving country in the world, China received $63.8 billion and sent $2.8 billion in 2018, according to the World Bank.
Western Union senior vice president and general manager, Khalid Fellahi, said: “Western Union’s money movement platform has set the standard for international digital and physical money movement by connecting almost every country and territory in the world. It allows us to effectively span consumer money movement and business payments globally while staying ahead of Fintech advancement.”
Western Union’s cross-border, cross-currency platform – technology stack, APIs, foreign exchange and settlement engine, digital footprint, compliance infrastructure, global account, wallet, and retail network – processed an average of 32 transactions every second and moved $300 billion across 130 currencies in 2017.
First published in FinTech Innovation