CARDS & PAYMENTS | Staff Reporter, China

ICBC, Western Union deal to benefit 400 million ICBC customers

Also launch program allowing international bank transfers from 23 countries.

Colorado-based Western Union Company has launched an Account-Based Money Transfers with the world’s largest bank, the Industrial and Commercial Bank of China (ICBC).

The agreement will allow some 400 million ICBC customers to direct Western Union money transfers from over 200 countries into their bank accounts via 24/7 online banking.

Western Union also made a deal with China UnionPay that will enable Western Union to reach more than 95% of all personal bank accounts in China.

The global payment services company’s customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and Western Union online money transfer sites.

Hikmet Ersek, president and CEO of Western Union, said Western Union, China UnionPay and ICBC share a common vision: moving money from different parts of the world, giving customers choice and convenience, and helping them grow and achieve their potential.

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