Western Union acquires Custom House
WU | Quote | Chart | News | PowerRating -- The Western Union Company has completed the acquisition of international business-to-business payments provider Custom House, which processes payments originating in seven countries for payout in 120 countries.
With its focus on cross-border payments for small to mid-sized enterprises (SMEs), the acquisition of Custom House is expected to introduce Western Union to a new market, expanding its service offerings and customer base.
Through its multi-channel delivery system, Custom House enables clients to make payments in over 150 currencies. Custom House, which will be re-branded under the Western Union umbrella of services, will continue to be headquartered in Victoria, British Columbia under the leadership of its existing management team.
Christina Gold, president and CEO of The Western Union Company, said: "Custom House opens up a world of opportunity for its customers. It enables small and medium-sized businesses to operate on a global scale, simplifying international payment transactions and managing the risks associated with foreign exchange. We believe that leveraging the brand, global footprint and financial strength of Western Union will enable Custom House to accelerate its international expansion and growth."
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