Western Union signs up Integral for BankFX system
Foreign exchange firm Western Union has signed a deal with risk management firm Integral which will see the latter install its BankFX solution across the Western Union Business Solutions platform.
The system will be installed on a cloud basis across Western Union’s risk management workflow and Integral claims it will offer “full automation and customisation”, including a “high level of control” of more than 10,000 currency pairs.
Scott Johnson, head of Product at Western Union Business Solutions, says that his firm placed a high premium on finding a partner that could deliver “reliable and leading-edge technology”.
He adds: “Because BankFX is a cloud-based solution, we are able to easily integrate it with our proprietary systems to help us effectively manage payments across our network.
“Ultimately, this helps our clients efficiently manage international payments, 24/7.”
Earlier this month Western Union began the process of refunding 109,000 US customers affected by a series of fraudulent payments conducted by the firm over a five-year period.