Western Union and TouchNet Team Up to Develop Payment Solutions for Universities & International Students

<p class="bwalignc"><i><b>Students from around the globe soon able to pay their tuition in local currencies directly from a bank account through wire transfer, or in cash at Agent locations</b></i></p><p><location value="LU/us.co.engood" idsrc="xmltag.org">ENGLEWOOD, Colo.</location>--(BUSINESS WIRE)-- <org value="NYSE:WU" idsrc="xmltag.org">The Western Union Company</org> (NYSE:WU), a leader in global payment services, today announced an agreement with TouchNet, a major commerce solutions provider to higher-education institutions, to develop new payment options for international students. </p><p> The agreement will enable international students to pay their tuition in local currencies directly from their bank accounts, and also add the option to pay in cash at participating <org value="NYSE:WU" idsrc="xmltag.org">Western Union</org>^® Agent locations around the world. Colleges and universities will benefit from fast and reliable delivery of funds, automatic posting of payments directly to student accounts, and streamlined reconciliation. TouchNet currently offers colleges and universities the ability to accept students’ tuition payments through its U.Commerce^® System, a unified commerce management solution for Higher Education. </p><p> “We have seen a great need in the higher-education sector for cross-border payment options originating in the home countries of non-U.S. students,” said <person>Raj Agrawal</person>, President, Western Union Business Solutions. “Working with TouchNet to help bolster their payment portal allows us to offer higher-education institutions payment options that will better serve their widely diverse student bodies. By enabling these consumers to pay invoices in local currency and manage foreign-exchange transactions, we are able to provide an institution’s student population with choice, control, convenience and flexibility in how they make their payments – a goal we strive for in every payments program we administer.” </p><p> “The walk-in payment options will provide students and their families access to an extensive and convenient distribution network in over 160 countries and territories,” added <person>Sanjay Gupta</person>, Senior Vice President, Corporations and Banking, <org value="NYSE:WU" idsrc="xmltag.org">Western Union</org>. </p><p> "Colleges and universities will be glad to hear that our new, integrated cross-border payment engine will help to reduce the hassles associated with updating and reconciling international payments," said <person>Dan Toughey</person>, TouchNet President. "That addresses the most pressing operational issue associated with accepting international payments. But there is more to a successful payment strategy than easier reconciliation. Payment preferences can be cultural. In some countries, people prefer to pay by bank transfer; in others, with cash. Our partnership with <org value="NYSE:WU" idsrc="xmltag.org">Western Union</org> will open up both options for colleges and universities to better serve their international students." </p><p> The program will launch at select institutions with the goal of making the global wire and cash payment service available to all higher education institutions, including TouchNet’s current client base. </p><p> Western Union Business Solutions enables institutions of all sizes to manage their international transactions and reduce risk through various services such as online FX for small businesses, and corporate FX solutions that include foreign currency payments, currency risk management and industry solutions. </p><p><b>About <org value="NYSE:WU" idsrc="xmltag.org">Western Union</org></b></p><p><org value="NYSE:WU" idsrc="xmltag.org">The Western Union Company</org> (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, <org value="NYSE:WU" idsrc="xmltag.org">Western Union</org> provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. <org value="NYSE:WU" idsrc="xmltag.org">The Western Union</org>, Vigo and Orlandi Valuta branded services are offered through a combined network of approximately 470,000 Agent locations in 200 countries and territories. In 2010, <org value="NYSE:WU" idsrc="xmltag.org">The Western Union Company</org> completed 214 million consumer-to-consumer transactions worldwide, moving <money>$76 billion</money> of principal between consumers, and 405 million business payments. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.westernunion.com&esheet=6856468&lan=en-US&anchor=http%3A%2F%2Fwww.westernunion.com&index=1&md5=dd565dc2ff5da711e0136e663d148ac6">http://www.westernunion.com</a>. </p><p><b>About <org>TouchNet Information Systems, Inc.</org></b></p><p> TouchNet is a pioneer in delivering innovative payment solutions to Higher Education. Since 1989, colleges and universities have relied on TouchNet to unify and secure payment and related business transactions throughout the campus enterprise. Today, TouchNet offers institutions the industry’s broadest spectrum of commerce management solutions. TouchNet^® U.Commerce^™ systems help colleges and universities save, make and manage money better by delivering greater control over transactions, costs, compliance, operational efficiencies, and information access. TouchNet U.Commerce—it’s <i>How Money Moves on Campus</i>^<i>™</i>. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.touchnet.com&esheet=6856468&lan=en-US&anchor=www.touchnet.com&index=2&md5=71cd1652d85953655706dadc952d7575">www.touchnet.com</a>. </p><p> WU-F, WU-G </p><p></p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20110912005196r1&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p><b><org value="NYSE:WU" idsrc="xmltag.org">The Western Union Company</org></b><br /><b>Media</b><br /><person>Anna Alejo</person>, 720-332-3884<br /><a href="mailto:[email protected]">[email protected]</a><br />or<br /><b>Investors</b><br /><person>Mike Salop</person>, 720-332-8276<br /><a href="mailto:[email protected]">[email protected]</a></p><p class="bwnowrap"></p><p>Source: <org value="NYSE:WU" idsrc="xmltag.org">The Western Union Company</org></p>