Western Union Completes Acquisition of Travelex Global Business Payments
Western Union has completed the acquisition of Travelex Global Business Payments. The combined business will offer clients, who are mostly small and medium-sized enterprises (SMEs), scale and expanded global reach in the estimated US$24bn international SME cross-border business payments market.
Business customers are able to send cross-border payments in over 140 currencies from 18 countries. More countries are to be added in 2012.
Western Union plans to integrate Travelex Global Business Payments into its Business Solutions division in the coming months. The acquisition adds over 1,000 new employees to Western Union, bringing global employment for the Fortune 500 company to over 8,000.