Western Union Co. said Monday that it is rebranding Custom House, an international business payments provider it bought last year, and planning to expand the unit into new markets.
Custom House will be called Western Union Business Solutions. Western Union said the company would address certain needs businesses expressed were not being met in a survey it conducted after the acquisition. These include the difficulty of using online payment platforms and the lack of transparency in the payment process. Western Union also plans to expand the business with a focus on serving the European Union.
"By combining the strengths of these two unique companies, we can expand our service offering to new markets and geographies around the world," David Yates, Western Union's vice president for alternative channels, said in a press release.
Western Union said its business solutions unit provides access to foreign exchange professionals in 32 branch offices in seven countries, as well as the ability to make payments online in 140 currencies.
