Western Union has upgraded its foreign wire exchange platform by integrating software from Fiserv.
The new platform uses software, known as WireXchange, to provide clients with a range of options for facilitating cross-border payments.
Offerings include a direct credit function, allowing clients to route payments through local clearing networks. Clients also have the option to convert currency at the front end of a transaction to provide a more favorable exchange rate.
"The addition of direct payments and credit payments and auto-convert are significant enhancements to our integrated international wire solution," said Jonathan Rees, a vice president at Western Union Business Solution, in a Dec. 8 press release.
Western Union is based in Englewood, Colo. Fiserv has its headquarters in Brookfield, Wis.