Western Union and Advapay partners on payments and FX solutions

With FX solutions and cross-border payment services in high demand amongst growing businesses, payment firms have jumped into this complex market to offer simplified products and services.

This week, Advapay and Western Union have announced a strategic partnership that will help Advapay clients access real-time currency exchange and international payment functionality on the company’s digital banking platform.

Last week, Triterras and Western Union announced their partnership on cross-border payments while last year, Western Union partnered with Isabel Group for B2B payments.

Under this partnership, Advapay would be able to cater for the needs of payment and electronic money institutions, and other clients, by providing a currency exchange function and payments in more than 130 currencies to their customers in more than 200 countries and territories, press note stated. This capability would be available on both Advapay’s Core Banking software-as-a-service and on-premise banking platforms.

Furthermore, Western Union Business Solutions will allow Advapay to expand the capabilities of the upcoming Banking-as-a-service (BaaS) platform for fintechs – MacrobanX.

“Western Union Business Solutions offers an extensive portfolio of payment services. The integration with Western Union Business Solutions will further strengthen our position and network that supports our European clients in managing cross-border and multi-currency payments online”, said Gustav Korobov, Sales Executive at Advapay. Adding further, “We plan to adopt other Western Union Business Solutions services on our platforms, including our BaaS platform MacrobanX, to accelerate our growth.”

The press note also said that through this technological alliance, Advapay would enable other digital banks and FIs to launch tailor based solutions to achieve digital experience on Advapay’s out-of-the-box banking platform.

Advapay is an Estonia based digital and core banking platform for fintechs and provides multi-currency accounting, payment and transfer processing, currency exchange and rates, payment acquiring and money transfers. It also provides in-built integrations with banks, SWIFT alliance lite 2, payment card providers such as Visa and Mastercard.