Under an agreement between VTB and Western Union, VTB has become a transaction centre for Western Union in Russia and has begun handling the operations of participating banks. NKO Western Union DP East, a subsidiary of Western Union Financial Services Inc., acts as an operational and clearing centre for Western Union.
Currently, 140 Russian banks carry out transactions under the Western Union system via correspondent accounts opened with VTB. The number of participating banks is ultimately expected to exceed 250.
«I am confident that VTB’s participation in such projects will be beneficial for the improvement of the payment system in Russia.»
Deputy President and Chairman of the Management Board
VTB Bank Deputy President and Chairman of the Management Board Herbert Moos said: "The partnership between VTB and Western Union is a significant step forward in our relations with financial organisations. VTB Group has vast experience in setting up transaction projects, and we are planning to continue broadening our relations with other payment systems, both international and Russian, while maintaining a high level of reliability and convenience. I am confident that VTB’s participation in such projects will be beneficial for the improvement of the payment system in Russia".
The Western Union Company is a global leader in financial services. Together with Western Union Business Solutions and payment systems operating under the brands Vigo, Orlandi Valuta and Pago Facil, the Western Union Company provides customers with a swift, reliable and convenient way to send and receive money transfers worldwide, to pay bills and to purchase money orders. The combined global network of Western Union, Vigo and Orlandi Valuta has over 510,000 agent locations in more than 200 countries and territories. In 2011, Western Union handled 226 million transactions between individual customers worldwide, totalling US$ 81 billion, as well as 425 million payments for corporate clients. For more information, please visit the company’s official site www.westernunion.com.