Western Union 2011 Annual Report Download - page 4
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In Western Union Business Solutions, we completed the
acquisition of Travelex Global Business Payments (TGBP),
which now makes Western Union one of the leading non-bank
providers of cross-border payment services for small and
medium-sized businesses.
With the TGBP acquisition, our focus is to complete the inte-
gration and grow the business. Small business customers who
want speed, accuracy and transparency in their cross-border
payments are often underserved by providers. We believe the
Business Solutions value proposition offers superior customer
service and feature-rich capabilities, and has meaningful
growth opportunities.
In Western Union Ventures, our electronic channels business
continued to advance in 2011 with 35 percent revenue growth,
demonstrating that combining our retail network with digital send
and receive options—web, mobile and stored value—is helping
to meet consumer needs in the marketplace. We opened a
digital office in San Francisco and are investing in technology
and people to improve the consumer experience in our digital
offering. We believe this improved infrastructure will allow
Western Union to expand this business in the next several years.
Partner of Choice
Also in 2011, we signed a global agreement with MasterCard to
distribute prepaid cards by linking MasterCard’s processing
network with Western Union’s distribution network—a truly
powerful combination. Add to this our new or expanded part-
nerships with Banco Bradesco, SA in Brazil, Banca Intesa
Sanpaolo in Italy, and PayPoint in the United Kingdom and
Romania for sending and receiving money transfers and Etisalat
Group and Safaricom for mobile money transfer services and
the emerging understanding of Western Union as a partner of
choice becomes clear.
Focus on the Customer
As we move forward, Western Union is committed to continuing
to develop its core business through an unrelenting focus on
satisfying the needs of the customer. We will accomplish this
through the dedication of our Agents and our 8,000 colleagues,
who are key to the successful implementation of our plans.
With strong brand awareness, compliance capabilities, and a
global Agent network, Western Union has the assets, capability
and drive to be a truly customer-centric organization focused on
the needs of the underserved.
I look forward to continuing to advance our business in 2012 and
beyond for the mutual benefit of our customers, our communities,
our Agents and our shareholders.
Hikmet Ersek
President, Chief Executive Officer and Director
Hikmet Ersek, President, Chief Executive Officer and Director, The Western Union Company,
at the closing bell of the New York Stock Exchange.
($ in millions)
Funds Returned
to Shareholders
share repurchases
dividends
2