The world of financial transactions has undergone rapid changes in the last decade or so. Today’s customers do not pay nearly as many visits to their local bank as in the past, but instead choose to conduct the majority of their financial business online, where access is immediate and the bank never closes. This desire to have ready access to personal accounts is considered a necessity by most customers, and options for the future will only increase.
Even the oldest financial institutions realize that the future involves keeping up with technological advances. Recently, Western Union, which was founded in 1851 and quickly became a financial leader, partnered with PSI-Pay to allow customers to access money from anywhere at any time. PSI-Pay began in 2007 but has already established a global impact. PSI-Pay became regulated by the EU electronic money regulations in 2011 and uses both Mastercard and Visa, which enables users to conduct business in any part of the world where the two cards are accepted. PSI-Pay operates with the ecoPayz platform, where a customer creates an account they can spend, receive, or send money. A PSI-Pay card provides flexible financial opportunities, along with the option to withdraw funds from an ATM worldwide.
— PSI-Pay (@PSIPayLtd) August 24, 2015
So, why do two independently successful companies need a partnership? The answer for Western Union is their interest in staying involved in technological changes, and their interest in forming partnerships that enhance global opportunities. For PSI-Pay, the company can take advantage of Western Union’s established financial reputation in a global market. The partnership will allow both companies an increased ability to reach customers. PSI-Pay’s operational director, Jonathan Amrani, expressed his excitement with the collaboration by saying one of the benefits is going to be “introducing additional services to customers that will enable them to have more flexibility.”
A shared characteristic of companies that experience long-term success, is the ability to adapt and change in order to provide the best service for customers. Western Union and PSI-Pay are embracing the technological and societal changes that affect how customers want to handle their finances. The partnership brings exciting opportunities for both companies and their customers.