Western Union Expands Real-time Account Payout Capability with Faysal Bank
Western Union Agreement with Faysal Bank Expands Western Union International Money Transfer Payout to more than 35 Banks
Western Union, a global leader in cross-border, cross-currency money movement and payments, is collaborating with Faysal Bank, one of Pakistan’s leading Islamic banks, to enhance its real-time bank account payout network in Pakistan. Receivers of international money transfers in Pakistan benefit from Western Union’s real-time account payout capabilities via a far-reaching bank network in Pakistan, with Faysal Bank processing real-time transfers to more than 35 banks.
Faysal Bank is currently paying out Western Union international money transfers in local currency to customers via its retail network of more than 575 locations. An expanded agreement with Western Union enables Faysal bank customers to receive money in real-time into their accounts, as well as to other banks across Pakistan.
Global senders can send money using Western Union’s digital services in 75 countries plus territories or via Western Union’s iconic retail Agent network in more than 200 countries and territories.
“Western Union has been making it easier for people to connect across the world for 170 years – it’s what we do best,” said Ali Badreddine, Western Union Country Director for Saudi Arabia, Pakistan, Afghanistan, Sudan, and South Sudan. “The only way we can keep up with demand is by advancing our technology through better innovation and partnerships, such as with Faysal Bank. Our advancing cross-border capability is enabling Western Union to serve both existing and new bank-centric and tech-savvy customers.”
Faysal Bank joins Western Union’s growing global network for account, wallet, and cards for international money transfer payout. Today, the company offers bank account payout in approximately 120 countries, with real-time capabilities to select bank accounts and digital wallets in approximately 100 countries.
“Our collaboration with Western Union is focused on providing expanded access to money transfers to customers in Pakistan,” said Ali Waqar, Head Corporate and Investment Banking, Faysal Bank. “We are proud to offer the ability to pay out money transfers directly to bank accounts, reinforcing our commitment to add a range of choices for all consumers in Pakistan. We are optimistic about what lies ahead and looking forward to a successful collaboration between our companies.”
According to the World Bank, in 2019 Pakistan was the second-largest remittance-receiving country in South Asia, and one of the top 10 remittance-receiving countries in the world. Western Union serves customers from an extensive network of Agents. Currently, Western Union agent retail network in Pakistan has more than 11,000
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million-retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About Faysal Bank
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a Public Limited Company under the Companies Ordinance, 1984. The Bank’s shares are listed on Pakistan Stock Exchange. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. Faysal Bank’s footprint now spreads over more than 200 cities with 575 (including 500 Islamic) branches. With total assets in excess of PKR 601.974 Billion, placing it amongst the significant players in Pakistan’s banking industry. Faysal Bank’s aim is to achieve leadership in providing shariah compliant products and services to its customers.
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