President and CEO Hikmet Ersek announces commitment at the Clinton Global
Initiative to help NGOs bridge the last mile
The platform, Western UnionR NGO Global Pay, will be created to help NGOs
overcome the 'last mile' and bridge the gap between funds that need to be
disbursed and the people who need them in the field.
Hikmet Ersek, President and CEO of Western Union, spoke on the opening day
of the Clinton Global Initiative Annual Meeting in New York to announce the
company's new Commitment to Action.
"I am very excited by our new commitment," said Mr. Ersek. "Many NGOs face
persistent challenges delivering money to those who need it most. Western
UnionR NGO Global Pay will help them overcome these challenges and get funds
into the field safely and securely. It will be an end-to-end financial
platform that will combine Western Union's innovative payment products with
our unparalleled global reach, meaning NGOs will be able to reach millions
of people with vital funds faster and more effectively than ever before."
Western UnionR NGO Global Pay will for the first time combine the dedicated
business-to-business payment products offered by Western Union Business
Solutions with the global infrastructure of the Western Union Agent network.
Specifically, it will leverage the company's 510,000 physical locations to
help connect NGOs to the people they serve in over 200 countries and
territories around the world.
Mr. Ersek continued, "Western Union is dedicated to serving the underserved
which often includes NGOs - and we will continue to work hard to increase
their access to better, more inclusive financial products."
Western Union will work with NGO partners, including the International
Children's Fund and Peace International, to design financial products that
will promote efficiency and transparency via:
New capabilities for moving funds via Western Union's global
network of 510,000 Agent locations, helping to solve the last mile challenge
and enabling a more rapid response in times of crisis;
A wider array of pay-out options (including cash, bank accounts,
mobile phones, and prepaid cards) for nonprofits to send funds to their
field staff and beneficiaries;
Tools to help NGOs monitor and report on fund disbursement,
enabling greater end-to-end transparency and accountability;
Currency risk management solutions that can help shield NGOs from
exchange rate fluctuations;
A portfolio of products that will enable NGOs to receive and
manage incoming funds in multiple currencies efficiently, including
integrated invoicing and tracking tools and new donation fulfillment
capabilities that offer individual donors the opportunity to give online or
in person via Western Union's global Agent network; and
Financial education for NGOs on topics from mobile money to
currency exchange, helping them better manage scarce and vital funds.
Western UnionR NGO Global Pay will launch with select NGO partners in
November 2012 with further expansion planned for 2013. The product, which
represents Western Union's new two-year Clinton Global Initiative Commitment
to Action, will be fully in force by the end of 2014. It also builds on key
insights from Western Union's successful CGI commitment, the Our World, Our
FamilyR program, a $50 million commitment to foster greater economic
opportunity for more than five million people worldwide.
About Western Union
The Western Union Company (NYSE: WU) (http://www.westernunion.com) is a
leader in global payment services. Together with its Vigo, Orlandi Valuta,
Pago Facil and Western Union Business Solutions branded payment services,
Western Union provides consumers and businesses with fast, reliable and
convenient ways to send and receive money around the world, to send payments
and to purchase money orders. As of June 30, 2012, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined network
of approximately 510,000 agent locations in 200 countries and territories.
In 2011, The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of principal
between consumers, and 425 million business payments.