Western Union and Zuūm Rails join forces, enabling instant global money transfers.
Montreal-based fintech company Zum Rails has partnered with Western Union Canada, marking a significant advancement in global payments. This collaboration aims to deliver instant cross-border money transfers by leveraging Interac eTransfer for real-time payments, breaking traditional delays associated with international transfers.
The partnership allows users in Canada to send money instantly to over 200 countries and territories worldwide. Zum Rails provides the fintech technology and connectivity to Interac eTransfer, while Western Union offers its global payout network, enabling instantaneous cross-border remittances from Canada.
The integration of Zum Rails' API technology into Western Union's Canadian operations is a key step in solving a long-standing challenge: enabling real-time payments within the existing infrastructure of legacy financial systems. This integration allows customers to fund international money transfers in real time using Interac eTransfer, providing a seamless user experience by blending domestic and international payment infrastructures.
The shift towards real-time payments in the payments industry is reinforced by consumer behaviour. In Canada, 88% of the population has used Interac eTransfer, moving a collective $338 billion in the last year. Ranjit Sarai, Vice President of Digital and Ecosystem at Western Union Canada, emphasises the importance of this speed, stating that consumers should be able to send payments anywhere in the world at the same speed as native peer-to-peer applications.
The collaboration between Zum Rails and Western Union is a catalyst for accelerating the trend towards real-time money movement. Miles Schwartz, CEO of Zum Rails, emphasises that real-time money movement is now a non-negotiable service for consumers and enterprises alike. This partnership supports remittances from Canada to over 200 countries and territories worldwide, expanding the reach of real-time payments.
The work with Zum Rails by Western Union is part of a larger trend across the payments industry. The partnership is a response to the increasing demand for immediate digital experiences among consumers, and it is expected to accelerate the growth of real-time payments in the global market.
In this collaboration, Zum Rails' fintech technology is integrated with Western Union's operations, allowing users in Canada to send money instantly to over 200 countries and territories worldwide using real-time payments technology, including Interac eTransfer. This partnership represents a significant advancement in global finance, particularly in the realm of technology-driven remittances.
