Hyperwallet Tackles Enhanced Global Wire Transfers for Gig Economy Workers

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Improved control over wires made possible through Western Union’s Mass Payments product

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Hyperwallet, a leading global payouts provider to millions of independent workers, announced today that they have added enhanced global wire transfers to their payments platform. Bolstered by Western Union’s Mass Payments technology, this new payout method helps reduce the cost of international wire transfers for higher-value transactions and to countries where local ACH networks aren’t available, while simultaneously providing earners with improved visibility into transfer fees and foreign exchange. Intended to augment Hyperwallet’s already-robust network of global bank partners, which enables local-currency direct deposits in more than 90 countries, the new full-value wire product makes it easier for two-sided marketplaces to offer a broad range of currencies in hard-to-pay markets.

Wire transfers remain an expensive and opaque method of moving funds across borders. Typically, there are fees both to send and receive a wire, in addition to the fees levied by intermediary institutions that help facilitate the transfer. Because many of these fees are not disclosed at the time of the transaction, payees who elect to receive a wire transfer may unknowingly lose a significant portion of their funds to hidden charges. Hyperwallet’s local-currency, full-value wire offering provides payees on the platform with improved visibility by presenting applicable fees and foreign exchange rates before the user agrees to the transfer.

Mike Monty, Hyperwallet’s Executive Vice President, and Head of Financial Networks, said of the enhanced functionality: “Having the ability to quickly improve payout speed, access, transparency, and method optionality is crucial for companies that are growing rapidly. Our integration with Western Union’s Mass Payments technology has enabled us to further support our clients’ growth. At the same time, we’re helping ensure their drivers, sellers, and distributors take home more of their hard-earned money.”

“In recent years, we’ve seen a proliferation of the ‘gig economy’ across the globe, so the need for quick and efficient payment solutions has never been greater,” commented Adam Tiberi, Head of Product at Western Union Business Solutions. “Through the introduction of global wire transfers through our enhanced Mass Payments product, users benefit from greater control of cross-border funding flows, increased speed and reduced costs, as well as access to real-time payment tracking and reporting functionality. Western Union has one of the most comprehensive payments ecosystems in the world, so for a payout provider like Hyperwallet—which has major clients paying individuals all over the world—that makes a significant difference.”

For more information, please contact press(at)hyperwallet.com.

About Hyperwallet
Hyperwallet’s payout platform provides growing organizations with a frictionless, transparent, and reliable way to manage payments and enhance the payee’s experience almost anywhere in the world. Trusted by enterprise, ecommerce, and on-demand platforms, Hyperwallet makes it easy to pay up to 7 billion people in a singular payment environment. Put your payees in control with enhanced financial management tools, integrated payment tracking technology, and user-friendly compliance and identity verification. Hyperwallet has offices in San Francisco, Austin, London, and Vancouver. You can learn more at http://hyperwallet.com.

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 December 31, 2016, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments. For more information, visit http://www.westernunion.com. - See more at: http://ir.westernunion.com/news/archived-press-releases/press-release-details/2017/Western-Union-to-Release-First-Quarter-Results-on-May-2-2017/default.aspx#sthash.HH2Qu0m2.dpuf

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Payal Shukla
Walker Sands Communications
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