Collaboration between Western Union and PSI-Pay
The recent partnership between Western Union and PSI-Pay is a timely collaboration because customers no longer want to physically visit their financial branches but instead want to conveniently complete online transactions from home. This is made possible by the rapid and constant changes in technology and the fact that people want to access their funds regularly. Western Union is a significant financial institution in the US, and this partnership will give account holders more options on what to do with their money.
Western Union was established in 1851. Two decades after it was founded, it started offering wire transfer services and has served the United States financial market since then. The wire transfer services are completed in around six days and are therefore being replaced by services such as Xoom and PayPal because they take a shorter time. The wire transfer services had been prevalent in the United States until the invention of satellite-based and wireless technologies in the mid- 1970’s.
— PSI-Pay (@PSIPayLtd) February 10, 2016
Western Union was able to stay in the industry for all those years because it kept on making innovations to cope with changing trends in technology. A good example is that the company was the first to send photographs through the wire technology successfully. In its attempts to keep abreast with changing technology, the sailing has not been all smooth as the original company faced bankruptcy in 1994.
Despite the challenges that it has faced over the years, Western Union is once again expected to shake the industry after the collaboration with PSI-Pay and ecoPayz. The partnership with PSI-Pay means that customers can gain access to their money anytime and anywhere in the world securely and conveniently through the banks partnering with Western Union. One significant result of this collaboration is that those with PSI-Pay accounts can use local bans anywhere in the world to send money, withdraw money and enjoy other banking services. Apart from money transfer, Western Union is also focused on building relationships with partners and networking globally. It is such networks that have to the collaboration with PSI-Pay.