Payments, Banking Technologies, Capital Markets...
The Western Union Company will offer Account-Based Money Transfer services to Shanghai Pudong Development Bank (SPD Bank) accountholders in China.
Once the service is introduced, SPD Bank accountholders will be able to send Western Union Money Transfers directly from their accounts via online banking or their mobile phones for cash payout at Western Union Agent locations in more than 200 countries and territories. In addition, people around the world will be able to send funds directly to SPD Bank accounts. SPD Bank accountholders will be able to access the funds via the Internet, ATMs and their mobile phones.
SPD Bank also will begin offering the Western Union Money Transfer service at 365 of its retail locations throughout China.
The online banking service is expected to be activated by mid-2011, with ATM and mobile options to follow. The launch of the service with SPD Bank will mark the first time ABMT services are available in China.
Globally, 28 banks have agreed to join the Western Union electronic-channel initiative by offering Western Union ABMT Services.