World’s leading money transfer company, Western Union Co. (WU), has signed a pact with Expaticore Services LLC – a leading provider of global payroll and mobility solutions, to strengthen its service delivery platform and expand its presence in the growing international payroll and mobility industry.
Direct beneficiaries of this new deal would include those using the Expaticore program. Per the deal, Western Union will offer seamless service to transfer payroll-related funds to employee and tax authority beneficiaries anywhere in the world.
The deal would facilitate remittance of funds to employees in more than 200 countries and territories across the globe. The transaction will be made through the Western Union’s Business Solutions segment, which along with transferring funds will also conduct validation and compliance check on employees. Moreover, the facility of local clearance of payments in more than 70 countries will save the fees charged by the bank, thus reducing the overall cost of global payroll management.
Western Union has specifically picked up Expaticore, a newly formed company established in 2002, since it boasts of expertise in offering expert guidance and support to clients who transfer their employees worldwide. Notwithstanding its limited operating history, Expaticore has grown organically into a leading service provider and consulting firm offering a broad spectrum of integrated global human resource solutions. Notably, Western Union has been connected with Expaticore for the past 7 years.
This move by Western Union reflects its desire to grow in an industry which holds scope to expand going forward, as more and more companies cross their local and national boundaries to enter international markets. There are, at present, few players in the global pay management industry and Western Union, with its brand value, superior and reliable service, and broad network across the globe, is uniquely poised to remain ahead of its ilk.
Western Union currently carries a Zacks Rank #3 (Hold).
Better-ranked players from the industry include Fidelity National Information Services, Inc. (FIS), Total System Services, Inc. (TSS) and VeriFone Systems, Inc. (PAY). All these stocks sport a Zacks Rank #1 (Strong Buy).