Welcome!

News Feed Item

Western Union Partnership With ChinaPay Will Enable Direct RMB Payments for Universities Around the World

LONDON, November 13, 2012 /PRNewswire/ --

Western Union Business Solutions, a unit of The Western Union Company (NYSE:WU), today announced its plans for expanding Western Union's partnership with ChinaPay, the online and mobile payments subsidiary of UnionPay, the bankcard association in China. 

The expanded partnership with Western Union Business Solutions will enable participating universities and higher education institutions around the world to accept international tuition and student fees in the Chinese Renminbi (RMB). 

Together, Western Union Business Solutions and ChinaPay intend to offer an integrated, co-branded platform that will allow universities to give incoming Chinese students and their parents the ability to make foreign tuition payments in their home country and currency. Combining ChinaPay's online and mobile payment portals with Western Union Business Solutions' integrated foreign exchange and payment platforms will enable fast and reliable fund reconciliation and will allow payers to have funds deducted from their bank accounts in real time.

"More students go abroad from China than any other country in the world" said Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions. "Over 1 million Chinese students studied abroad in 2011 and China is clearly an important market for universities globally. I am delighted that our partnership with ChinaPay will allow us to create a platform that will make it easy for them to accept local RMB payments in a timely and efficient manner."[1]

"We are excited to be launching this collaboration with Western Union Business Solutions," said Cathy Wang, Vice General Manager of ChinaPay. "International education is increasingly important for many in China.  Western Union's work to improve the speed and efficiency of cross-border payments for hundreds of universities and higher education institutions around the world make them an ideal partner that will give students and their families a reliable, convenient payment solution."

Students from China comprised 15.72 per cent of the international student body in the United Kingdom in 2010-11, according to the UK Council for International Student Affairs (UKCISA).[2] 67,325 Chinese students studied in the UK in 2010-11, an increase of 18 per cent from the previous year, and China provides more international students to the UK than any other country.

"Hundreds of millions of Chinese cardholders use ChinaPay's online services; they really are the market leader," concluded Mr. Agiasotis. "Combining their innovative and extensive platforms with our existing service will enable universities to make the most of the opportunities a globalised Renminbi presents and offer local currency payments in one of the world's largest international student markets."

Western Union Business Solutions enables businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies, creating unique solutions tailored to suit their FX needs.  Institutions are supported by a network of trading offices, strategic banking relationships and a global clearing network. Universities use the cross-border payments service for study-abroad programs, student refunds, and for professors or recruiters traveling worldwide. For more information, visit http://business.westernunion.com/industry/education/

--------------------------------------------------

1. Beijing Times, 21 August, 2012; http://www.chinadaily.com.cn/china/2012-08/21/content_15693813.htm

2. Source:  http://www.ukcisa.org.uk/about/statistics_he.php#table1

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit http://www.westernunion.com.

About ChinaPay

ChinaPay was established in 2002 to engage in the online payment acquiring business under UnionPay. ChinaPay is a leading third-party payment service provider in China and holds the electronic payment licenses for third-party payment companies issued by the People's Bank of China. ChinaPay's self-proprietary unified payment gateway provides comprehensive and secure internet and mobile payment solutions for merchants. ChinaPay spearheaded the cross-border acceptance of UnionPay cards online by launching cooperation with overseas partners to provide merchants with internet payment solutions. For more information, please visit http://www.chinapay.com


Contact:

Western Union Business Solutions                                                                                  
Jennifer Berlin                                                                                                                          
+44-779-549-7129
[email protected]

Redleaf Polhill
Lauren Franze / George Parrett / Karl Wiseman
+44-207-5666-750
[email protected]

ChinaPay
Mr. Jian, GUAN
+86-21-6087-2156
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.