By Legal Futures Associate Shieldpay
Shieldpay, the market leader in secure digital payments, has announced its partnership with Western Union Business Solutions, a global leader in cross-border, cross-currency money movement and payments to provide customers with secure online payments and Foreign Exchange (FX) capability when trading internationally or dealing with foreign currencies.
Today, businesses receive funds, buy and sell internationally, make foreign investments, fund imports, pay foreign mortgages and buy raw materials all around the world in various currencies. But unpredictable foreign exchange rates can negatively impact business transactions of all sizes, especially when the transactions are of high value.
Shieldpay protects online payments, whether high-value, high-risk payments or thousands of time-sensitive transactions every day. This is done through verification, secure holding of funds and any volume or value of payouts dependent on specific criteria before a transaction can complete. The end-to-end process frees up time and resources and helps businesses and consumers to protect themselves against payment fraud and ensures compliance with local regulatory payment requirements.
Daniel Dunne, Head of Partnerships, Shieldpay, commented:
“Whether receiving funds or making payments in multiple currencies or jurisdictions, our partnership will help our customers protect business payments by allowing them to lock in currency rates when they first receive a foreign currency, meaning that they will be protected against Foreign Exchange (FX) fluctuations”
WUBS gives access to FX across a global network, with the ability to send, receive and manage international payments, send funds in 140+ currencies, receive funds in 40+ countries, expanding reach to over 200 countries and territories, and protect payments from sudden unfavourable exchange rates.