The business division of Western Union will work with Isabel Group, a Belgian company providing multi-bank services through its B2B network Isabel 6, to grow connectivity in Belgium, according to a press release.
Western Union Business Solutions will work with Isabel Group to expand access to Isabel's network, which offers online banking and fast payment services for organizations. Now, clients will be able to connect with more resources globally, the release stated.
Currently, the Isabel 6 platform serves 70,000 professional clients. The expansion and teaming with Western Union Business Solutions will help it reach Western Union's global payments network, which spans 200 countries and territories in over 130 currencies worldwide, the release stated.
Marc-Elie Caspar, country director France & Benelux at Western Union Business Solutions, said the companies will "offer our customers an innovative payment solution for foreign exchange transactions, dedicated customer support, negotiated rates and fees and an outstanding level of trust thanks to our European banking license," according to the release.
“This type of partnership is part of our DNA at Western Union Business Solutions," he said in the release. "We equip and support organizations around the world that are looking for a partner to optimize cross-border payments with solutions for sending, receiving and managing international payments.”
Isabel Group CEO Jean de Crane said the new partnership "will add value to our mutual business customers in the processing of their payments and foreign exchange strategies. We are looking forward to working together with this international player in our ecosystem."
Western Union CEO Hikmet Ersek was recently quoted as saying the company is on the prowl for merger and acquisition opportunities as the pandemic has shifted the economic landscape and weakened some rivals, PYMNTS reported.
Western Union's revenues in the second quarter were down overall, but digital business was good, with digital transfers growing 48 percent.