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

Western Union Partnership With ChinaPay Will Enable Direct RMB Payments for Universities Around the World PR Newswire LONDON, November 13, 2012 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.