Get Started

Oct 24, 2019 | Media Coverage

EDGING AHEAD

As Vice President of Product, leading innovation and development at Western Union Business Solutions, Scott Johnson drove the launch of WU EDGE, a trading platform that’s offering global opportunities to thousands of small businesses

With more than 550,000 agent locations across the globe, Western Union’s distinctive black and yellow logo has inspired huge brand recognition and loyalty over the years.

Be it at a kiosk in rural Africa or a corner shop in London’s urban jungle, it’s universally recognised as the portal that enables migrant families separated by economic need, as well as small businesses that are often excluded from mainstream financial services, to survive.

In 2018, it moved an astonishing $300billion around the world and handled more than 800 million transactions in individual remittances and commercial transfers – much of it paid and collected in cash.

But the arrival of new, entirely digital money transfer agents is forcing a change in its business model; and open banking and application programming interface (API) technology is giving it the freedom to achieve it.

Scott Johnson leads product innovation and development at Western Union Business Solutions as vice president of product. He sees open banking as a ‘massive opportunity’ to transform the way Western Union, and indeed the world distributes its money. By creating aggregated services across multiple providers, he says, established financial services such as WU will benefit – and, ultimately, so will customers.

“Whether it’s through APIs or embedded solutions, it’ll be possible to join forces with firms that in the past might have been competitors in order to provide better consumer experiences and solve problems more efficiently for our customers,” says Johnson.

Read the entire article at Fintech Finance