New tools will help them manage international cash flow and grow business
Western Union Business Solutions, a unit of the Western Union Company (NYSE: WU), a leader in global financial services, today announced the launch of Currency Options in the UK as well as the worldwide release of a new cash management tool designed to assist small and medium-sized enterprises (SMEs) engaged in international trade.
Western Union Business Solutions’ new GlobalPay Cash Management dashboard is a new tool that will give SME clients an immediate overview of their total payments exposure. Users will be able to calculate their FX risk based on the amount of money and currencies they are trading in at current market price, allowing them better to manage their international risk and cash flow.
Added to this is the launch of Currency Options in the UK. British SMEs, many of whom have been hit by increased sterling volatility in 2013 and are consequently struggling with cash flow, will be able to further protect their margins from increased currency volatility and still capitalize on favourable FX market movements.
Business owners and corporate treasurers will now be able to set a forward exchange rate at a specified date and then choose whether to use the pre-agreed amount or to reconsider given current market conditions. This gives SME owners the security of knowing the absolute most that they will be required to pay for a transaction, regardless of currency volatility.
Raj Agrawal, president, Western Union Business Solutions said: “Currency volatility is hurting many of our clients who are seeing their cash flows tighten in light of dramatic market activity. SMEs in particular need more tools to help them manage their international exposures effectively in order to be a step ahead of the competition and grow their businesses in a challenging market.
“As the outlook for the global economy remains unclear, small businesses are finding themselves under continued pressure. This is why we are expanding and diversifying our product offering: to meet a real and growing need for SMEs.”
FX Options in the UK will be sold by the UK branch of Western Union’s wholly owned subsidiary, Western Union International Bank GbmH, and follows a similar launch in Singapore in 2012. Western Union Business Solutions now offers Currency Option products in the UK, Australia, New Zealand, Singapore and Canada.