BMO the First Canadian Financial Institution to Offer Western Union
Money Transfer Services via the Interac e-Transfer Platform; BMO
Customers Can Send Money Globally Online
ENGLEWOOD, CO and TORONTO, Feb. 4, 2013 /CNW/ - The Western Union
Company (NYSE: WU), a leader in global payment services, and Acxsys
Corporation, a leader in electronic payment services in Canada, today
announced their respective agreements with BMO Bank of Montreal, the
Canadian retail banking arm of BMO Financial Group (TSX: BMO) (NYSE:
The agreements will allow BMO Personal Banking customers to conduct
online Western Union Money Transfer transactions directly from their
accounts via Acxsys Corporation's Interac e-Transfer platform, to Western Union® Agent locations in Canada and more than 200 countries and territories
worldwide. The agreements are expected to be implemented in the first
quarter of 2013.
"Our customers increasingly look to BMO to help them remain connected to
family, friends and businesses worldwide, and that is especially true
of the growing number of new Canadians who regularly send money to
family overseas," said David Heatherly, Head, North America Payments -
Personal and Small Business, BMO Financial Group. "The agreements with
Western Union and Acxsys Corporation will make it easier for our
customers to send remittances around the world, from the convenience of
their home and personal computers."
"Western Union is positioned at the nexus between cash and electronic
technologies," said Odilon Almeida, President, Americas, Western
Union. "We are combining our traditional strengths - a globally
recognized brand and an international retail presence - with
account-based money transfers, mobile services and cross-border
platforms for global businesses, to meet the needs of today's
consumers, who require more options across different technologies."
"We are excited to extend the speed and convenience of the Interac e-Transfer platform to BMO customers, enabling them to send money
globally," said Mark O'Connell, President and CEO, Interac Association
and Acxsys Corporation. "Interac e-Transfer, a trusted brand, is currently offered by more than 150
financial institutions in Canada. BMO is the first bank to offer its
customers the ability to use the Interac e-Transfer platform to send account-based money transfers through the
international network of Western Union Agents."
About Western Union
The Western Union Company (NYSE: WU) 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 September 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. For more information, visit www.westernunion.com.
About BMO Bank of Montreal and BMO Financial Group
BMO Bank of Montreal is the Canadian personal and commercial banking
business of BMO Financial Group. Established in 1817 as Bank of
Montreal, BMO Financial Group is a highly diversified North American
financial services organization. With total assets of $525 billion as
at October 31, 2012, and more than 46,000 employees, BMO Financial
Group provides a broad range of retail banking, wealth management and
investment banking products and solutions.
About Acxsys Corporation and Interac Association
A recognized world leader in debit card services, Interac Association is
responsible for the development and operations of the Interac® network, a national payment network that allows Canadians to access
their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac Flash™, a secure, contactless enhancement of Interac Debit, allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash.
Interac Association was founded in 1984 and is comprised of a diverse
membership that includes banks, trust companies, credit unions, caisses
populaires, merchants and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders
are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-Transfer, for the transfer of money from one person's bank account to
another person's bank account using an email address or, where
available, a mobile phone number; and international services, which
provide Canadian cardholders with point-of-sale access at nearly 2
million U.S. retailers, and PULSE, Discover, Diners Club International
and UnionPay cardholders access to ABMs in Canada.
Interac, the Interac logo, Interac Flash and Interac e-Transfer are trademarks of Interac Inc. Used under license.
SOURCE: Interac Association
For further information:
+1 (720) 332-4119
Bank of Montreal
+1 (416) 867-3996
Interac Association/Acxsys Corporation
+1 (416) 869-7171