Western Union
May 3, 2011
May 3, 2011 Western Union in 2008: Send Me The Money! Western Union in 2008: Send Me The Money!
Current Situation
Summary
Western Union was founded in 1851 and started its history as a telegraph and wire services company. In 2006, Western Union discontinued its telegraph service and focused exclusively on money transfers (Pearce & Robinson, 2011). Jorge Ochoa, Vice President of Finance and Raul Duany, Director of Corporate Communication joined The Western Union Company (WU) in November 2008. The primary customers for money transfers were immigrants that were seeking better opportunities in richer countries away from their home. When immigrants leave their home countries, they often leave behind family members who depend on them for financial support. This is most true in the case of poorer countries. Government regulators scrutinized the operations and fee-charging practices of money transfer businesses.
Western Union is a leader in global money transfer, providing people with fast, reliable and convenient ways to send money around the world. The Western Union brand is globally recognized. Their services are available through a network of over 375,000 agent locations in more than 200 countries and territories (Western, 2009). Their consumer-to-consumer money transfer service enables people to send money around the world in minutes. Their consumer-to-business service provides consumers with flexible and convenient options for making one-time or recurring bill payments.
Western Union believes that the brand strength, size, and reach of their global network, along with the convenience and reliability to their consumers have been essential in the growth of the business. As they continue to meet the needs of their consumers for fast, reliable, and convenient money transfer services, they are also working to enhance their services and provide their consumers with access to an expanding portfolio of payment and other financial services.
May 3, 2011 Western Union in 2008: Send Me The Money! Western Union in 2008: Send Me The Money!
Current Situation
Summary
Western Union was founded in 1851 and started its history as a telegraph and wire services company. In 2006, Western Union discontinued its telegraph service and focused exclusively on money transfers (Pearce & Robinson, 2011). Jorge Ochoa, Vice President of Finance and Raul Duany, Director of Corporate Communication joined The Western Union Company (WU) in November 2008. The primary customers for money transfers were immigrants that were seeking better opportunities in richer countries away from their home. When immigrants leave their home countries, they often leave behind family members who depend on them for financial support. This is most true in the case of poorer countries. Government regulators scrutinized the operations and fee-charging practices of money transfer businesses.
Western Union is a leader in global money transfer, providing people with fast, reliable and convenient ways to send money around the world. The Western Union brand is globally recognized. Their services are available through a network of over 375,000 agent locations in more than 200 countries and territories (Western, 2009). Their consumer-to-consumer money transfer service enables people to send money around the world in minutes. Their consumer-to-business service provides consumers with flexible and convenient options for making one-time or recurring bill payments.
Western Union believes that the brand strength, size, and reach of their global network, along with the convenience and reliability to their consumers have been essential in the growth of the business. As they continue to meet the needs of their consumers for fast, reliable, and convenient money transfer services, they are also working to enhance their services and provide their consumers with access to an expanding portfolio of payment and other financial services.