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International Payments | Case Studies

An expanded service leads to happier customers

Shifting international payments online
Shifting international payments online

The Challenge: A competitive marketplace

Canadian Western Bank (CWB) is part of the CWB Financial Group, a diversified financial services group that provides specialized services in business and personal banking, trust and wealth management across Canada.

In the past CWB offered customers a limited international payments service that was only accessible in-branch. Only certain currencies were available and customer feedback was that foreign exchange houses and large banks offered more competitive rates.

Greg Noga, Sr. AVP Business & Personal Banking, elaborated, “We saw an opportunity to provide international payments to business clients who were already using our other products and services, but our limited currency range and inability to offer competitive pricing was a problem for customers.”

“We weren’t able to accept wire instructions by fax due to fraud risks, so customers had to physically come into a branch which isn’t always convenient for them. In addition, our Treasury team was reluctant to expand our international wire services because processing these requests was resource intensive.”

CWB recognized an opportunity to grow wallet share by improving its international payment service and set about finding a partner to provide a streamlined, efficient service to its customers.

The Solution: Shifting international payments online

After reviewing its options, CWB chose to partner with Western Union Business Solutions for its close cultural fit and similar commitment to business clients.

"Western Union Business Solutions shares the same commitment to clients above all and showed a strong willingness to work with us throughout the whole process from design, to implementation, to marketing support after going live." said Mr. Noga.

CWB now uses WU® GlobalPay for FI a digital platform that streamlines the management of international payments in over 130 currencies to more than 200 countries and territories at favorable rates and with minimal fees.

“Best of all," says Mr. Noga, "WU GlobalPay could also be integrated into our business online banking platform so that customers can make international payments at their own convenience without coming into a branch."

"Western Union Business Solutions was all hands-on deck to ensure the integration with our business online banking system happened without any impact and we were fully trained on the platform."

The Results: Convenient payments retain customers

Implementing GlobalPay for FI has helped put CWB on the map as an international payments provider amongst business clients who weren’t previously aware of this service. CWB has expanded its offering without adding additional pressure to its Treasury team who have welcomed the new streamlined payments process.

Mr. Noga continued, “The pricing process is very straightforward, and we are now market competitive which means customers are happy. The platform is intuitive, easy to use and white labelled to match our branding. Beneficiaries are easy to set-up and validate which was a pain point in the past.”

“The Quick Quote feature on the home page, which allows customers to get live market rates, is a key selling point. A customer can now log in to our business online banking platform and literally send a wire payment in less than 5 minutes.”

CWB has also had success expanding its wallet share and approaching new markets through marketing support from Western Union Business Solutions, which provides a range of resources and insights to build successful integrated marketing campaigns.

CWB has also experienced an improvement in compliance procedures. GlobalPay for FI enables customers to input valid beneficiary data and complete their own due diligence before sending a payment. And, Western Union Business Solutions now completes a review of all wire details and only reaches out to CWB if further information is required on a wire payment.

“Our partnership with Western Union Business Solutions has helped put us on par, if not ahead of our top five competitors. This success has encouraged us to explore offering risk management solutions to our business customers. By referring customers with hedging needs to Western Union Business Solutions, we have increased customer satisfaction further still. We’ve forged a strong partnership that looks set to grow.” Mr. Noga said in closing.

"Our partnership with Western Union Business Solutions has helped put us on par, if not ahead of our top five competitors. It’s now so much easier for our sales team to recruit new business customers.”

Greg Noga, Sr. AVP Business & Personal Banking, Canadian Western Bank

About Western Union Business Solutions
Western Union Business Solutions is the go-to international payments provider for more
than 1,000 financial institutions around the world. As a true expert in financial regulations,
the company has a global team of compliance specialists and robust compliance systems to
meet regulatory standards.

Western Union Business Solutions