FOREIGN EXCHANGE
DEALING WITH FOREIGN MARKETS Western Union Business Solutions is a global leader of cross-border, cross-currency business payments, helping businesses of all sizes to navigate currency market volatility with greater confidence. Here, Nick Worthington outlines how Western Union Business Solutions can help those in the renewables sector to grow their global reach.
We are all familiar with the name Western Union but can you provide an overview of your reach and services? NICK WORTHINGTON: For nearly 170 years, Western Union has been moving money across borders for families, businesses and communities. This has given us decades’ worth of insights, which go beyond just building a world class network and a currency portfolio that is second to none. Our knowledge and experience can make payments quicker and smoother by providing market insights that enable customers to make informed decisions that put them firmly in control.
Can you outline the business to business (B2B) service offered by Western Union? NW: A depth of understanding is vital when payment needs become complex; it helps to work with dedicated experts in foreign exchange and overseas banking systems. To that end, Western Union Business Solutions equips businesses with the solutions they need to send, receive, and manage international payments. Broadly that means helping businesses that are importers and exporters deal with the ebb and flow of foreign currency. Our Business Solutions’ digital platforms facilitate efficient and streamlined international payments on a global scale.
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Solutions include locking in exchange rates on invoices and credit notes from foreign associates for up to 240 days or around eight months. We also provide the support, market insight, and risk management services to help businesses protect profits and manage their cash flow. It is a great source of pride for us to be able to assist businesses on their growth journey through solid, reliable service, driving efficiencies and saving our clients’ money on their foreign exchange dealings.
To what extent is WU Business Solutions assisting the renewable energy sector? NW: Much of the hardware and technology involved in the renewables industry – batteries and solar panels – is from China (also Europe) and there are significant levels of importation of raw materials and consequentially we are helping more and more businesses involved in smart energy deal with currency fluctuations. To date our focus has been on the solar sector because our existing client base includes many importers of solar panels and related products, however we are considering how we can assist businesses in other areas of the renewables’ sector. Overall, we are committed to helping businesses that are looking to do things differently and build a better future for all of us, and our
