Banorte, Western Union Launch International Payment Service

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Global payment services company Western Union will launch a direct-to-bank money transfer service from the US to Mexico through Mexican lender Banorte's payment processing subsidiary UniTeller.

The service builds on a five-year partnership deal between Banorte and Western Union singed in April 2013.

The service will be available for transfers to Banorte accounts later this quarter, before being expanded to include other Mexican banks, according to a Western Union release.

Customers will be able to transfer money at participating retail agent locations in the US or via a Western Union mobile app.

Banorte's UniTeller network also covers top Mexican lenders BBVA Bancomer and the local unit of Scotiabank, as well as development bank Bansefi. The payment processing unit is also present throughout much of Central America, as well as in Chile, Colombia, Bolivia, Argentina, Peru and Uruguay.

"With this agreement, beneficiaries of remittances in Mexico will find it very convenient to open an account at our bank and directly receive the funds through Western Union with the benefit of value added banking services," said Banorte's head of international banking, trade finance and financial institutions, Ricardo Velázquez.

Remittances to Mexico from January to November 2014 came to US$21.407bn, up 6.8% year-on-year, according to the country's central bank. Total remittances to Mexico in 2013 were US$21.9bn.

Banorte has a network of 1,267 branches and 4,900 banking correspondents in Mexico.

 

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