Banco Monex inks payments alliance with Western Union

Global payments services giant Western Union announced a strategic partnership between its global payments business line, Western Union Business Solutions, and Monex Grupo Financiero, one of Mexico's largest cross-border payment providers.

The alliance will provide Banco Monex clients with enhanced payment distribution options by tapping into Western Union Business Solution's global payment infrastructure, which provides the bank the ability to send payments in 130 currencies and receive in over 40 currencies globally, "quickly and with great traceability," according to the announcement.

Monex held 90.7bn pesos (US$4.8bn) in assets at the end of July, making it the 15th largest financial institution operating in Mexico by assets, according to data from local banking regulator CNBV.

Alfred Nader, vice president of Western Union Business Solutions for the Latin America and Caribbean region, said, "Banco Monex have already distinguished themselves as the Mexican leader in cross-border payments by being at the forefront of payment technology adoption. This next step simply cements their position in the Mexican marketplace."

Western Union plans

At the end of June 2018, Western Union reported over 550,000 retail agent locations in more than 200 countries.

Western Union is expanding its digital money transfer services to multiple regions across Asia, Latin America and the Middle East.

In Latin America, the digital service is available in Brazil, Jamaica, Panama, and soon in Mexico, according to British e-payments news outlet Verdict. Presumptively, the Mexico roll out of the company's digital money transfer services will involve Monex.

Western Union is planning to primarily focus efforts with its digital offerings on the mobile channel, which is said to be responsible for nearly 70% of the company's global digital transactions.