Western Union Teams With Ukraine, CIS Institutions on Cross-Border Payments

Western Union will be working with major Ukraine financial institutions and across the Commonwealth of Independent States (CIS) to boost cross-border payments, according to a Wednesday (Dec. 15) press release. 

Western Union has launched international money transfers through Ukraine postal network Nova Poshta. The latter’s nonbanking financial institution, NovaPay, has a 40% share of the local money transfer market. 

And those who bank with Monobank in Ukraine will be able to make use of money transfers with Western Union’s retail network, using Monobank’s app. 

Customers will be able to fund international transfers on the Monobank card, while receivers can pick up funds from Western Union’s around 600,000 retail locations.  

In addition, Western Union has rolled out international money transfers on Russia’s Sovkombank as well as through Kazakhstan’s Jusan Bank, and through the Tajikistan’s international bank and Rusdhi Orien. 

The company has also activated new digital services in Kazakhstan, Uzbekistan and Azerbaijan, allowing users there to send international money transfers through mobile apps. 

“We are privileged to have already joined forces with top financial institutions and post offices across the CIS, giving millions of their customers flexibility, convenience and trust in their cross-border money transfers and payments,” said Massimiliano Alvisini, Western Union’s general manager for CIS, Europe, and Africa. “We are constantly expanding our network across the region and integrating our global money movement capabilities to enhance the customer experience of major CIS financial institutions.” 

PYMNTS reported last month that Western Union has also boosted its partnership with Mastercard to add more choice and convenience in payments and money transfers. 

See more: Western Union Expands Mastercard Partnership to Advance Global Services

The extended partnership expands Mastercard Send’s integration into Western Union’s global money movement network, while also marrying Mastercard’s Cross-Border Services delivery with Western Union Business Solutions. 

Through the partnership, Western Union intends to give U.S. domestic money transfer receivers more possibilities, allowing for payment from a preferred bank card in the U.S. With this, funds can be added to a U.S. debit card network and delivered to an account in real-time.