CIPS AND WESTERN UNION UPDATE

Updated: 03/26/2015 17:07
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cips and western union update
After the recent update concerning the performance and development of the mobile payment systems: Apple Pay and Samsung Pay we have received lots of...
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After the recent update concerning the performance and development of the mobile payment systems: Apple Pay and Samsung Pay we have received lots of...

After the recent update concerning the performance and development of the mobile payment systems: Apple Pay and Samsung Pay we have received lots of feedback e-mails from the readers, with the request to update on the regular basis about the development of payment systems industry worldwide, even those not used in the high yield investments. And so we are glad to meet the wishes and ready to inform you of some more updates from CIPS payment system and Western Union.

For a start there is an update saying that China is planning to launch its own payment system (CIPS) in autumn 2015. It is the international payment system and as intended by China authorities the CIPS system should process transactions in yuans worldwide. As the official source claims the system is fully ready and optimized. Now the only thing left is testing. 20 banks have been chosen for testing the system MOr ethan a half of them are Chinese ones, others are subsidiaries of foreign banks. As another source says the payment system will be launched by December. At the same time there have been no official statements from the Bank of China.

Due to successful cooperation of Western Union and Hyperwallet, the company starts to expand the money transfers network and is going into upgrading the transboundary payments. At this moment the company services work successfully in 200 countries. Western Union gives opportunity to make transfers and other transactions in more than 130 various currencies. The consolidation with Hyperwallet will speed up the payments between countries and will expand the line-up of Western Union financial services both for the money senders and recipients.

"While some payment products are limited by geographic coverage and method, Hyperwallet is focused on providing breadth of coverage and depth of payment delivery options to meet real world industry challenges. Today, multiple payment types are mandatory to achieve global coverage", says Peter Burridge, President & Chief Commercial Officer, Hyperwallet, "Integrating the Western Union global bank and cash network with Hyperwallet's mass payment technology is a game changer, bringing the agent network into the corporate domain to provide solutions the market is desperate for."


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