Jan 19, 2022 | International Payments

Supporting growth for PASA members

Western Union Business Solutions (WUBS) is joining the Pensions Administration Standards Association (PASA) as a corporate member. As such it will be well placed to provide insight and offer specialist currency and payments expertise to PASA members, as well as contributing to the future of administration standards in the UK.

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WUBS already supports many Pension Funds and Administrators as they face the challenge of getting payments out to pensioners around the world and ensuring that these are both timely and accurate.

“With more and more people emigrating overseas to retire, Pension Funds and Administrators face the challenge of managing international payments efficiently and cost effectively” said Karen Penney, VP of Payments Products at Western Union Business Solutions, “Our International Pensions experts help design solutions to keep our customers up-to-date with ever-changing payment requirements, in-country holidays and local processing times.”.

Fraud is another potential problem for the pensions industry. WUBS can support on mitigating the risk of overpaying non-entitled beneficiaries and increasing identity compliance. There is practical help available too, with Western Union’s unique Global Existence Solution, which can verify pension holders’ identities face-to-face, at hundreds of thousands of WU® Agent locations across the globe. There is also a team of experts on hand to help with training and expertise on how to mitigate fraud when making International Payments.

This membership will help PASA support its members, by keeping them aware of pertinent business topics, and giving them direct access to advice on currency and international payments. Karen Penney added: “PASA are doing a great job and we want to play our part in supporting the industry. Any PASA member needing guidance with payments, compliance or fraud prevention is welcome to call us any time.”

Western Union Business Solutions

At Western Union Business Solutions, we are trusted by more than 60,000 organisations to move money around the world. We have an extensive global network, spanning 200+ territories and 130+ currencies, and an in-depth knowledge of local markets and compliance.

If you are looking for world-class cross-border payments services, or counsel on international pensions, please contact us uk-payments@westernunion.com. We’ll be more than happy to talk about how we can help you manage your international transactions.

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