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Western Union In Deal With China's JD Digits For Global Digital Money Movement

Western Union Co. (WU), a cross-border, cross-currency money movement, announced Friday that the company entered into a strategic agreement with JD Digits, a digital technology company in China. The companies will join forces to advance digital cross-border money movement and payments for global consumers and businesses in China.

Western Union and JD Digits are exploring new ways to combine the convenience of online and mobile financial technology or fintech services to allow fast and convenient cross-border remittances and payments.

In the first phase, both companies will focus on moving remittances from across the world into the mobile wallets and bank accounts of 400 million JD Digits individual customers.

The company noted that cross border money transfers between individuals play a significant role in China. The country received $63.8 billion and sent $2.8 billion last year, according to World Bank.

Western Union's cross-border, cross-currency platform - technology stack, APIs, foreign exchange and settlement engine, digital footprint, compliance infrastructure and vast global account, wallet and retail network - processed an average of 32 transactions every second and moved $300 billion across 130 currencies in 2017.

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