Western Union 2015 Annual Report Download - page 4

accounts worldwide directly—and giving consumers
expanded choice when sending through Western Union.
This network represents a natural evolution in our cross-
border platform and supports our strategy to reach new
digital-savvy, mobile-enabled consumers who prefer an
account as their payment destination.
• Introduced WU® Connect™, an innovative technology
platform that integrates with leading consumer messaging
and social media platforms, giving users a unique way to
quickly and conveniently transfer money worldwide.
Response to date has been very positive, including two new
signed agreements with WeChat and Viber, giving us the
potential to reach hundreds of millions of new customers.
• Integrated our Western Union Business Solutions
GlobalPay Financial Institution product into ICICI Bank’s
core banking system to help them increase client retention
and wallet share.
• Offered Apple Pay™ as a mobile payment solution at many
Agent locations, providing consumers yet another way to
fund global money transfers and bill payments.
• Signed an agreement between Western Union and Mexico’s
Grupo Financiero Banorte’s UniTeller network that allows
consumers in the U.S. to send cash directly into more than
60 million individual bank accounts in Mexico.
• Grew our global relationship with UAE Exchange, an inter-
national money transfer retailer based in North Africa and
the Middle East, securing retail presence in 16 major city
centers in the United Kingdom, Ireland, Germany and
Netherlands.
• Extended our agreement with our largest Agent in the
Philippines, Universal Storefront Services Corporation.
• Announced an agreement that allows Skype customers
to top up their accounts at nearly 50,000 Western Union®
Agent locations across the United States.
• Solidified a new relationship with Sainsbury’s Bank, the
U.K.’s first supermarket bank.
Continuing Delivering Funds to Stockholders
The company again generated strong cash flows in 2015,
even while making future strategic investments in compli-
ance and technology infrastructure. In 2015, we generated
more than $1 billion of cash flow from operating activities.
Western Union also returned $817 million to stockholders
through $317 million in dividends and $500 million in stock
repurchases over the course of the year.
Using Our Platform to Benefit Society
Western Union is a purpose-driven company. Through our
Social Ventures work, we create economic opportunities
and help people and communities grow. Our goal is to drive
both business and social value by leveraging all of our assets.
For example, our NGO GlobalPay service continues to help
non-governmental organizations (NGOs) quickly deliver funds
to the people and places that need them most—often follow-
ing a natural disaster or humanitarian crisis.
We pledged a minimum of US$1M for swift and effective
support for families and communities affected by the human-
itarian crisis in Europe through a company-wide strategy
engaging the Western Union Foundation, employees and
business associates.
Western Union continues to participate in cause-marketing
efforts that reflect our values. For example, Western Union
and the Western Union Foundation announced the renewal
of Education for Better, a company-wide commitment to
support secondary and vocational education programs
around the world. Since the campaign’s inception in 2012,
we have:
• Developed four programs to help students, NGOs and edu-
cational institutions move more than US$7 billion across
borders for education purposes.
• Supported thousands of students and exceeded US$10
million in education grants.
• Engaged 80 percent of Western Union employees to con-
tribute to the Foundation, reached tens of thousands of
individuals with information on the education cause, and
spoke out on behalf of educational opportunity.
The Western Union Foundation1
According to the Committee to Encourage Corporate Philan-
thropy (CECP), the median percentage of employees who
participate in workplace giving campaigns is 35 percent.
In 2015, Western Union achieved 80 percent employee giv-
ing. Funds contributed from employees support the Western
Union Foundation’s investment in communities, including its
marquee program, Education for Better, funding traditional
and vocational training for women and youth.
Since its inception, the Western Union Foundation has given
more than $106 million to 2,794 NGOs in more than 135
countries and territories.
Looking Ahead
At Western Union, we believe true leaders have the power to
change. This has been our path to continued transformation
in our 165-year young history: to leverage our strong core
business foundation, build relationships to extend our reach,
and create business opportunities around the world. We are
focused on growing our core business, including Consumer-
to-Consumer, Business Solutions, and Online. We are also
working to build new channels and serve new consumers,
meeting their rapidly changing needs. While we invest in
these opportunities, we’re also dedicated to generating
strong cash flow and returning it to stockholders directly.
At the center of our business is our mastery of complex cross-
border transactions, making things easier and simpler for
consumers and businesses. Our presence in more than 200
countries and territories, combined with our unique cross-
border platform and global team, diversifies our portfolio,
providing powerful resiliency and access to new opportunities.
Above all, the Western Union brand is built on the trust of
consumers and businesses who use our services. We believe
our business is good for society. We never forget that every
transaction has the potential to change lives for the better.
HIKMET ERSEK
President, Chief Executive Officer and Director
2
(1) The Western Union Foundation, is a separate §501(c)(3) recognized United States charity.
To learn more, visit www.westernunionfoundation.org.