Western Union - Реферат

Plekhanov Russian Economics University International Business School Placement Report Western Union Student: Kristina Khoang IBS-P Supervisor: Shirochenskaya I.P. Moscow 2014 Structure and Activities of the Organization The Company. Western Union (WU) is the globally recognized leader in global money movement and payment services, providing people and businesses with fast, reliable and convenient ways to send money and make payments around the world. The company started its history in 1851 when ‘New York and Mississippi Valley Printing Telegraph Company’ appeared. Five years later, some western American telegraph companies decided to make an alliance and named it ‘Western Union’. The first domestic money transfer occurred in 1871 and in a quarter of century later the service became available in Europe, South Africa, North and South America, Australia and Asia. The first international money transaction was done in 1989. On the Russian market the brand exists since 1991 and 2 years ago celebrated its 160 years anniversary. Nowadays, WU is a worldwide leader organization with head offices all around the world and it operates in more than 200 countries and territories with approximately 90% of these locations outside of the United States. Legal Structure. The company is operating in Russia as Western Union Payment System registered with CBR and represented by Western Union Money Transaction East (Russian non-banking credit organization) as 100% affiliate of WU group. The head office was initially located in Denver, USA. Within the times, each region organized their own head offices (Europe and CIS, Asia Pacific, North and South America, Middle East and Africa) with many sub offices in many regions. Nature of the Business. As people move and travel around the world, they are able to use the services of the well-recognized brand to transfer funds. Western Union promotes global economic opportunity and growth by bridging gaps in the financial services sector. The growing product portfolio includes business solutions, consumer-to-consumer money transfer, bill payment services, and stored value options such as prepaid cards. Online, by phone, from 115k ATMs and through more than 515k agent locations worldwide, Western Union aims to move money anytime, anywhere and anyway the customers choose, helping consumers and businesses grow.The brand is highly recognized by people and it is considered to be one of the most safety and reliable methods of sending money internationally and across any country. In 2012, Western Union completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. Service Description. The main WU product is Money Transfer (MT) service which is available all around the world. It is possible to send money between countries in 120 different currencies without request of the receiver’s location address. Western Union moves money along more than 16 000 corridors. WU offers a variety of ways for customers to send or receive money depending on whether they are making a transfer in person, by phone or online using a credit or debit card. This includes Money in Minutes, Next Day, Three Day and Home Delivery services. Money also can be sent to a bank account or loaded to a stored-value or prepaid card. The average transaction quantity is 28 transactions per second. There are three service segments: Consumer-to-Consumer, Consumer-to-Business and Business Solutions. Each of our three segments addresses a different combination of consumer groups, distribution networks and services offered. 1. Consumer-to-Consumer. Individual money transfers from one consumer to another are the core of the company’s business, representing 81% of total consolidated revenues for 2012. Consumer-to-Consumer money transfer service enables people to send money around the world, usually within minutes (the Next Day delivery service gives consumers a lower-priced option for money transfers that do not need to be received within minutes, while still offering the convenience, reliability and ease of use that the consumers expect). This process is streamlined for WU customers who use the loyalty card. The initial loyalty program called Gold!Card was available in approximately 80 countries and territories and had approximately 19 million active participants by the end of 2012. Over 40% of Western Union branded Consumer-to-Consumer transactions are initiated by the loyalty program participants. Nowadays, WU runs new myWU loyalty program which makes the process of transferring money more quickly and easier for both customers and operators. It comes in a form of card which keeps sender’s information and all the data about previous transaction and receivers. In Russia this LP is currently on development stage. It is assumed that in future clients will be able to accumulate points and change them on fee discounts and gifts. Consumer-to-Consumer services: · Wa