Money Movement & Payments Leader Western Union Expands

Western Union, a global leader in cross-border, cross-currency money movement and payments, and NH Investment & Securities (NH I&S), one of the largest investment and securities companies in South Korea, today announced the integration of Western Union branded digital and retail person-to-person (P2P) transfers within the portfolio of financial services offered to account holders of NH Investment & Securities.

NH I&S account holders in South Korea now have the choice to send and receive money using Western Union via the firm’s 24/7 mobile app or 85 branch locations across South Korea. NH I&S Account holders will have the option of their transfer being paid into recipient bank accounts in select countriesⁱ across the world or at 550,000 retail locations in over 200 countries and territories.

Western Union’s cross-border, cross-currency platform seamlessly 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. In recent times, Western Union has opened its platform to a growing band of partners representing the financial, telecom, and tech sectors.

“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,” said K. Premmananth, Head of Network, Singapore, Indonesia, and North Asia, Western Union.

Premmananth added, “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.”

“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 optimize our relationship, we are dedicating resources to expand services,” said Ji-Hoon Song, Director of Headquarter, WM Sales Strategy Department, NH Investment & Securities. “Evolving globalization and digitalization 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.”

CUSTOMER GUIDANCE

• To send and receive money at locations, account holders can simply walk into more than 85 NH Investment & Securities locations and proceed to process their money transfers. Senders can fund their transfers from their accounts, and receivers can direct their money transfers into their accounts.
• To send money via mobile app, customers can fund their money transfers through their NH Investment & Securities account.
• To receive money via mobile app, customers can input the MTCN and other requested details on the app. Funds will be directed to customers NH Investment & Securities account.

In line with Korea’s local laws and regulations, prior to the first use of the service, customers can visit any NH Investment & Securities location to open an account and for verification, or they can register on the mobile app (available for iOS and Android users) and opt for an electronic verification. Acceptable ID’s include, among others, valid resident registration ID or a driver’s license.

Once the account is verified and active, customers can conveniently send and receive Western Union money transfers at either NH Investment & Securities locations, or via their mobile app anytime – with a few clicks.

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