Western Union’s New Media Network Drives Revenue Growth

Western Union’s new media community enterprise contributed to 56% income development for its Client Companies section within the fourth quarter.

The supplier of cross-border, cross-currency cash motion, funds and monetary companies introduced the launch of its media community enterprise in November, saying that this new providing lets firms promote to Western Union prospects through company-owned channels, attain a worldwide viewers, and join with customers when they’re in a “commerce mindset.”

Along with the launch of this providing in the USA, the corporate’s growth of its retail international trade enterprise in Europe contributed to the expansion of its Client Companies section within the fourth quarter, it stated in a Tuesday earnings launch.

“We have now made it a purpose to develop this section of our enterprise double digits yearly by offering new services to our current prospects via our current channels,” Western Union President and CEO Devin McGranahan stated Tuesday (Feb. 4) throughout the firm’s quarterly earnings name.

Total, Western Union’s fourth-quarter income elevated 1%. The corporate stated within the earnings launch {that a} decrease contribution from Iraq lowered its income development price by 3 proportion factors. The agency stated in July that it had been impacted by sanctions positioned on 14 Iraqi banks.

Whereas its Client Companies section noticed income development of 56%, Western Union’s Client Cash Switch (CMT) section noticed a 4% lower and its Branded Digital enterprise noticed a 7% enhance.

Western Union’s deployment of its new cloud-based point-of-sale (POS) system has moved sooner than anticipated. McGranahan stated throughout the name that whereas the corporate aimed to have 25,000 lively places by the top of 2024, it ended up having 70,000.

McGranahan stated throughout an October earnings name that by transferring many processes from agent {hardware} to the cloud, the brand new POS system can speed up each the rollout of enhancements and the core processing occasions.

Now, the corporate goals to have “all related brokers globally” on the brand new platform by the top of 2025, McGranahan stated throughout Tuesday’s name.

“We proceed to see enhancements in velocity, reliability, agent help and buyer satisfaction,” McGranahan stated of the cloud-based POS system.