Cuentas and Western Union sign 5-year agreement
MIAMI, FL / ACCESSWIRE / February 3, 2021 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW)("Cuentas"), a leading FinTech provider of mobile banking and payment solutions focused on Hispanic and Latino communities has signed a five-year agreement with the Western Union Company (WU), a global leader in cross-border, cross-currency money movement and payments. Cuentas will integrate Western Union branded digital domestic and international money transfer services into the Cuentas Mobile Application and digital wallet in 2021.
Cuentas financial services are tailored to target the Latino demographic empowering their financial inclusion for greater economic success.
Through Western Union's global cross-border, cross-currency platform, Cuentas Cardholders in the US will have the ability to move money to family and loved ones almost anywhere across the world from their Cuentas Mobile app. Customers will have the option of choosing for their receivers to be paid out in minutes[i] across Western Union's global network representing billions of bank accounts, wallets, and cards in 120 countries or through more than half a million retail locations in 200 countries and territories.
"We are delighted about the opportunity to partner with Western Union, a global leader. It gives us an incredible opportunity to serve consumers with different use needs, especially customers who are unbanked or underbanked in the US. A contactless, safe, real-time solution for sending money to loved ones around the globe is our promise to customers," said Arik Maimon, Cuentas co-founder and CEO.
"This new relationship with Western Union is the first of many to come. This is our commitment to our customers to update our services and give them more options and reach with the Cuentas App and Digital wallet," stated Michael De Prado, Cuentas co-founder and president.
Western Union's cross-border, cross-currency platform seamlessly integrates local regulation, compliance, channels, currency, and language. The capability translates into a payment experience of convenience, choice, trust for consumers served directly by Western Union. In recent times, Western Union has opened its platform to a growing band of partners representing the financial, telecom, and tech sectors.
"We welcome Cuentas to the Western Union network and are pleased the integration of our digital platform will deepen the offer to customers. We are proud that our leading digital capabilities continue to enable digital payments for customers and businesses," said Molly Shea, Network Head, Western Union, Americas.
"We are excited to see that Cuentas has reached this important milestone and foresee tremendous lift in the Latino segment with this enablement with Western Union," said Jeff Lewis, Executive Vice President of Sutton Bank, the issuing bank for the Cuentas Prepaid Mastercard®.
The Cuentas Mobile App services provide a comprehensive financial solution for the unbanked, underbanked, and underserved U.S. Hispanic & Latino community, providing access to the US financial system to those unable to open a traditional bank account or who prefer not to bank at a traditional financial institution.
Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) is a FinTech e-banking and e-commerce service provider with proprietary technology aimed at providing solutions for the underbanked and un-banked Hispanic and Latino population. Its services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and providing access to bank accounts for customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com
About Western Union
The Western Union Company (WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union's omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of September 30, 2020, Western Union's network included over 550,000 retail agent locations offering branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, is fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With a global reach, Western Union moves money for better, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
This news release contains "forward-looking statements", as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe", "plan" or "expect" or similar statements are forward-looking statements.
[i] Service and funds availability depend on certain factors including the Service selected, the selection of delayed delivery options, special terms applicable to each Service, amount sent, destination country, currency availability, regulatory issues, consumer protection issues, identification requirements, delivery restrictions, agent location hours, and differences in time zones
SOURCE: Cuentas, Inc.