The Western Union Co. announced Monday that it has formed a new division that will develop new payments products and services for its consumer and business clients.

In a news release, the Englewood, Colo., company said that the division, Western Union Ventures, will focus on three strategic growth areas: consumer money transfers, business-to-business payments and new products and services. It will be run by chief marketing officer Diane Scott.

The new division will oversee Western Union's website, Westernunion.com, and several of its products and services, including prepaid and stored-value cards and mobile money transfers. It is the latest step in Western Union's efforts to expand its financial services beyond its traditional remittances business.

Also on Monday, Western Union announced the departure of David Yates, its executive vice president of business development and innovation, and named Raj Agrawal president of Western Union Business Solutions.

Yates will leave the company at the end of September to pursue business interests in Europe. Under Yates's tenure, the company expanded the reach of its business-to-business payments and inked its deal to buy Travelex Global Business Payments for $975 million. That deal, announced in July, would expand Western Union's reach beyond consumer remittance services and add 500 banks globally to its network. Also under his leadership, Western Union developed its smartphone application for mobile money transfers.