The FINANCIAL — Western Union Business Solutions, a business unit of the Western Union Company, one of a leader in global payment services, has signed an exclusive deal with Mercer Outsourcing, the U.K.’s largest pension administrator, to handle payments to retirees living in 80 countries.
Mercer Outsourcing will now pay their overseas pensioners through Western Union Business Solutions.
With this agreement, retirees who receive pension payments through Mercer will benefit in a number of ways:
Funds can be delivered directly into a bank account in 80 countries in more than 44 currencies. Retirees will receive their payments more quickly than ever before – generally within 2 days.
According to Western Union, Mercer Outsourcing employees will benefit from a more streamlined and transparent payments process. They will also be able to validate a pensioner’s details before payments are made.
“This alliance – the largest deal we’ve ever done in the UK – will position Western Union Business Solutions as a leader in processing overseas pension payments,” said Raj Agrawal, President, Western Union Business Solutions. “We hope to replicate this model in the U.S. and Australia, providing convenient, efficient and innovative solutions for employers and their employees.”
“As the world becomes increasingly globalised, we are seeing more British pensioners moving abroad,” said Jonathan Mindell, EMEA Business Leader, Mercer Outsourcing. “This service will allow us to offer our clients a more competitive solution and the world-class customer service Western Union Business Solutions is known for.”