International Payments | Brochure
Delivering Savings to Pension Funds
Always verify your payments
Manage the risk of fraud and overpayment with in-person identification through our Global Existence solution.
Minimise the expense of fraud
Pay international pension benefits with confidence and proactively manage your exposure to fraud.
Our Global Existence solution enables international retirees to verify their identity face to face with a representative at a WU Agent location, giving you peace of mind and helping to reduce the risk of fraud.
By way of example, in one instance in 2018, Western Union Business Solutions helped a private pension fund—which had recently opted to use Western Union services— to identify an unentitled pensioner, who had been deceased since 2011, yet still receiving monthly payments for 8 years.
Western Union Business Solutions has two key solutions that it offers to the pensions industry. These encompass processing monthly payments to international pension recipients by emulating the BACS process; and the Western Union® Global Existence Transaction (“Existence”) service. Existence requires a pensioner to present him/herself, with his/her ID, to one of the ~300,000 globally located Western Union® Agents in more than 188 countries and territories. Launched in 2014, this service offers an alternative to the traditional signature comparison exercise in confirming a pensioner’s existence.
The Existence service aims to help pension funds avoid erroneous transfers to pensioners, thereby helping pension funds to reduce costs to the fund; other erroneous payments which are subsequently stopped can also be seen as cost savings to the fund over the longer-term. In 2017, Western Union identified 9% of pension payroll beneficiaries as unentitled beneficiaries, helping pension schemes mitigate overpayments.Download Brochure