Kyodai partners with Western Union for B2B cross-border payments in Japan
Consumer remittance across borders has always been a focal point for many payment companies but soon after the pandemic, commercial payment companies are bringing this service to small and medium-sized enterprises.
This week, Japan-based remittance company, Kyodai, has announced that the company has collaborated with Western Union to introduce B2B and cross-border payment services for its corporate clients in Japan. Kyodai would be utilising services from Western Union Business Solutions to fulfil its business needs.
Western Union Business Solutions in the press release noted that it is for the first time the company has formed a business alliance with a Japanese money transfer company for the purpose of B2B international payments. The first phase of implementation of business will begin with WU Global Pay for Financial Institutions which will provide business clients with access to direct, reliable payment routes and minimal fees on its payments network around the globe.
Prior to this partnership, Western Union and Kyodai had been providing C2C cross border payments through Western Union since 2019 but since the revision of Japan’s Payment Services Act on 1st May 2021, companies have ventured into B2B cross-border payment services.
Kyodai is an international money transfer company that was launched by Unidos Co. Ltd (Unidos) in 2010 and it covers 200 countries globally. As of April 2021, the remittance processed by Unidos topped 5.6 million remittances.
Western Union, according to the press note, has been providing cross-border flows and bridging the global financial network in more than 200 countries and territories and over 130 currencies. It serves businesses, financial institutions, governments, and consumers throughout its network globally.