ationships are a core component of the company’s payments services. Business Solutions segment This segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. Customers might make an electronic or wire transfer or remit a check to initiate a transaction. The company’s Internet services are provided through its own Websites and also in partnership with others. Services Business Solutions payment transactions are conducted through various channels, including the phone and Internet. Payments are made primarily through electronic transfers, but in some situations, checks are remitted. The majority of Business Solutions' business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. For certain payment services, such as for law firms and educational institution payments, the company provides tailored payment solutions. In addition, in certain countries, the company writes foreign currency forward and option contracts for customers to facilitate future payments, which usually generate higher revenue per transaction than spot payments. Distribution and Marketing Channels The company’s Business Solutions services are primarily offered through the phone, through partner channels, and through the Internet. The company’s Internet services are marketed through co-branding arrangements with its Website partners, as well as on the company’s own Websites. The company has relationships with approximately 100,000 customers with respect to its payment solutions. These relationships are a core component of the company’s business payments services. Other The company’s remaining businesses, including its money order services, are grouped in the ‘Other’ category. Consumers use the company’s money orders for making purchases, paying bills, and as an alternative to checks. The company derives investment income from interest generated on its money order settlement assets, which are primarily held in the United States tax exempt state and municipal debt securities. Intellectual Property The Western Union logos, trademarks, service marks and trade dress are registered and/or used worldwide and are material to the company. The WU service mark and logos are also registered and used in many countries worldwide. The company offers money transfer services under the Western Union, Orlandi Valuta, and Vigo brands. The company also provides various payment and other services, such as Western Union Payments, Quick Collect, Convenience Pay, Quick Pay, Quick Cash, Speedpay, Pago Fácil (registered in Argentina), and Western Union Business Solutions. Regulation Money Transfer and Payment Instrument Licensing and Regulation: Most of the company’s services are subject to anti-money laundering laws and regulations, including the Bank Secrecy Act in the United States, as amended; and similar laws and regulations. Privacy Regulations and Information Security Standards: In the United States, data privacy and data breach laws, such as the federal Gramm-Leach-Bliley Act and various state laws apply directly to a range of financial institutions, including money transfer providers, such as the company, and indirectly to companies that provide services to or on behalf of those institutions. Banking Regulations: The company has subsidiaries that operate under banking licenses granted by the Austrian Financial Market Authority and the Brazilian Central Bank. The company is also subject to regulation, examination and supervision by the New York State Department of Financial Services, which has regulatory authority over the company’s entity that holds all interests in these subsidiaries. Other: The company is subject to annual reviews to ensure compliance with the Payment Card Industry regulations worldwide and is subject to fines if the company is found to be non-compliant. History The Western Union Company was incorporated in Delaware in 2006.
western union co (WU:New York)
12500 East Belford Avenue
Englewood, CO 80112
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