One of the major things that people want out of the financial companies they work with is to have consistent access to their money regardless of where they are in the world. People don’t just want but need to be able to transfer money around to different accounts both at the same bank or credit union but to other financial firms as well. Some people do hesitate when dealing with an online money transfer, worried it will somehow get electronically lost somewhere. However, most people have dropped that concern.
Around 45 percent of people now use their smartphones for mobile banking. 98 percent of people will text their bank in order to see their balances. In order to further help people move their money around, Western Union of the United States has partnered with the United Kingdom’s PSI-Pay. This partnership will give people even more options, including when they are traveling to different parts of the world.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Western Union has been around since 1851, although it was originally called The New York and Mississippi Valley Printing Telegraph Company. They started offering people a way to wire transfer money way back in 1871. Nowadays transferring money in this way is pretty archaic as it can take up to six days for the transaction to be completed. PSI-Pay is helping Western Union dramatically speed things up and offer a comprehensive solution to people. If a person has a PSI-Pay payment account they will be able to access it at any local bank worldwide. No matter what nation they are in they can move money even across national borders. People can also use PSI-Pay services to transfer money from one person to another seamlessly and easily.
It was natural for PSI-Pay and Western Union to partner as both firms have similar values. They both clearly show what their intentions are and believe in transparency in their business practices and the services they offer. PSI-Pay is a much newer company, though, having been established in 2007 rather than 1851. They are both regulated firms with PSI-Pay regulated by the Financial Conduct Authority.