The platform, Western Union® NGO Global Pay, will be created to help NGOs overcome the ‘last mile’ and bridge the gap between funds that need to be disbursed and the people who need them in the field.
Hikmet Ersek, President and CEO of Western Union, spoke on the opening day of the Clinton Global Initiative Annual Meeting in New York to announce the company’s new Commitment to Action.
“I am very excited by our new commitment,” said Ersek. “Many NGOs face persistent challenges delivering money to those who need it most. Western Union® NGO Global Pay will help them overcome these challenges and get funds into the field safely and securely. It will be an end-to-end financial platform that will combine Western Union’s innovative payment products with our unparalleled global reach, meaning NGOs will be able to reach millions of people with vital funds faster and more effectively than ever before.”
Western Union® NGO Global Pay will for the first time combine the dedicated business-to-business payment products offered by Western Union Business Solutions with the global infrastructure of the Western Union Agent network. Specifically, it will leverage the company’s 510,000 physical locations to help connect NGOs to the people they serve in over 200 countries and territories around the world.
Western Union will work with NGO partners, including the International Children’s Fund and Peace International, to design financial products that will promote efficiency and transparency via:
– New capabilities for moving funds via Western Union’s global network of 510,000 Agent locations, helping to solve the last mile challenge and enabling a more rapid response in times of crisis;
– A wider array of pay-out options (including cash, bank accounts, mobile phones, and prepaid cards) for nonprofits to send funds to their field staff and beneficiaries;
– Tools to help NGOs monitor and report on fund disbursement, enabling greater end-to-end transparency and accountability;
– Currency risk management solutions that can help shield NGOs from exchange rate fluctuations;
– A portfolio of products that will enable NGOs to receive and manage incoming funds in multiple currencies efficiently, including integrated invoicing and tracking tools and new donation fulfillment capabilities that offer individual donors the opportunity to give online or in person via Western Union’s global Agent network; and
– Financial education for NGOs on topics from mobile money to currency exchange, helping them better manage scarce and vital funds.
Post published in: News