WU, Faysal Bank join hands

KARACHI: Western Union (WU) is collaborating with Faysal Bank to enhance its real-time bank account payout network in Pakistan, a statement said on Monday.

Receivers of international money transfers in Pakistan would benefit from WU’s real-time account payout capabilities via a far-reaching bank network in Pakistan, with Faysal Bank processing real-time transfers to more than 35 banks.

Faysal Bank is currently paying out WU international money transfers in local currency to customers via its retail network of more than 575 locations. An expanded agreement would enable the bank customers to receive money in real-time into their accounts, as well as to other banks across Pakistan.

Ali Badreddine, WU country director for Saudi Arabia, Pakistan, Afghanistan, Sudan, and South Sudan, said, “The only way we can keep up with demand is by advancing our technology through better innovation and partnerships, such as with Faysal Bank.

Our advancing cross-border capability is enabling Western Union to serve both existing and new bank-centric and tech-savvy customers.” Ali Waqar, head corporate and investment banking, Faysal Bank, said, “We are proud to offer the ability to pay out money transfers directly to bank accounts, reinforcing our commitment to add a range of choices for all consumers in Pakistan.”