Western Union has signed an agreement with Travelex Holdings to acquire the Travelex Global Business Payments division. The division conducts business payments annually for 35,000 customers in 14 countries. Western Union says that the acquisition will give it a leading position in the international business payments market, which has been driven by rapid growth in cross-border trade.
Hikmet Ersek, president and CEO at Western Union, says: "The acquisition of Custom House in 2009 gave us an entry into the business-to-business cross-border payments market, and Travelex Global Business Payments provides us immediate scale, further reach, and added capabilities.”
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