Cross-border and cross-currency payments company Western Union has partnered with data network Plaid to launch Open Banking payments for its customers across Europe.
The partnership will see Western Union customers benefit from Open Banking-powered account verification from Plaid and, with the additional security offered, means that Western Union can offer higher thresholds for payments made through Plaid.
The integration allows Western Union to continue to build out its “seamless” omni-channel digital experience.
Plaid’s Open Banking technology “streamlines” Western Union’s payment infrastructure and provides a common standard of funding across Europe.
“It was great working with Plaid to offer a new, easier way of doing money transfers with us,” said Bart Stencel, vice president, omnichannel marketing Europe at WesternUnion.
“This collaboration shows how we at Western Union invest in innovation to provide our customers with the flexibility and trust they need.”
Having access to Plaid’s Open Banking infrastructure will smooth the process of sending and receiving money across borders for Western Union’s customers, ensuring their funds reach their destination without delays.
According to Brian Dammeir, head of Europe at Plaid, consumers are demanding easier and simpler border-less payments without compromising on security.
“Plaid is delighted to collaborate with Western Union to enable users to make larger payments, safer and faster,” he added.
Research published by Brite Payments in March this year revealed that Pay by Bank is now a top three payment method in several European countries, with half of consumers citing speed and security as the main reason for adoption of this payment method.
It found that when considering a new payment method, 73% of respondents ranked security as the most important factor.
