Western Union Taps Plaid for Open Banking Payments in Europe – Finovate

• Western Union is leveraging Plaid’s open banking infrastructure for money transfers in Europe.
• The move is expected to benefit end users by offering a faster, more secure payments experience without negatively impacting the user experience.
• Leveraging open banking payments will also create operational efficiencies for Western Union employees.

Plaid announced this week that Western Union has selected to leverage its infrastructure to offer its customers in Europe seamless open banking payments. Western Union anticipates the move will offer its customers additional flexibility in how to send money to family and friends.

By leveraging open banking technology, funds transferred using Western Union will be faster and will have higher thresholds for safety and security without adding friction to the user experience.

“Consumers are demanding easier and simpler border-less payments without compromising on security, said Plaid Head of Europe Brian Dammeir. “Plaid is delighted to collaborate with Western Union to enable users to make larger payments, safer and faster.”

The new technology will also benefit Western Union employees by creating operational efficiencies. Plaid’s open banking technology streamlines Western Union’s internal operations and enhances its payment infrastructure by providing a common standard of funding across Europe. 

“It was great working with Plaid to offer a new, easier way of doing money transfers with us,” said Western Union VP Omnichannel Marketing Bart Stence. “This collaboration shows how we at Western Union invest in innovation to provide our customers with the flexibility and trust they need.”

Photo by Krivec Ales