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The Western Union Company, a leader in cross-border, cross-currency money movement and payments, today announced an expansion of services between its Western Union Business Solutions division and Banco SEMEAR in Brazil to offer the WU® GlobalPay for FI platform, the Company’s solution for financial institutions that enables customers to make international payments simply and efficiently.
GlobalPay for FI provides the benefits of international payment services without the need to invest in new banking systems infrastructure. Western Union Business Solutions’ online platform allows for processing transactions using a network that spans more than 200 countries and territories, and is available in more than 130 currencies. GlobalPay for FI is a simple and intuitive system that facilitates the creation of international payments.
"We are very pleased to expand our collaboration with Banco SEMEAR through the integration of GlobalPay,” said Alberto Roncajolo, Western Union Business Solutions head of financial institutions for Latin America and the Caribbean. "Our digital platform will allow Banco SEMEAR to offer international payments to its customers globally, with confidence and agility.”
"The partnership with Western Union Business Solutions consists of expanding the portfolio of products already offered by Banco SEMEAR. The strategic objective is to integrate new operations into the current structure, allowing the leverage and expansion of the institution's business and target audience,” explained Arthur Campos, Superintendent of Banco SEMEAR.
Western Union Business Solutions allows organizations to optimize currency movements between different countries with customized solutions for sending, receiving, and managing international payments.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. The Company’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 March 31, 2020, the Company’s network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, the Company’s fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our 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.
About Banco SEMEAR
Founded in 2006, Banco SEMEAR offers several services. Headquartered in Belo Horizonte (MG), the financial institution has capabilities that covers the entire national territory, with a large presence in the interior of Minas Gerais and Goiás. In 2019, it reached 2 million clients and was awarded as the most innovative bank in the country in the private financial sector. Currently, the Bank has more than a thousand banking agents, who work to bring all products to the end customer. For more information: www.bancosemear.com.br.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005005/en/
SOPA Images / ContributorRestaurants are experiencing an uptick in sales from the second-round of stimulus checks, with consumers spending money eating out.
Analysts don't expect that the sales improvement will last long, as pandemic dining restrictions remain in place.
Restaurants have been calling for more federal funds and financial relief as they operate on tight margins.
Visit Business Insider's homepage for more stories.
Restaurants are getting a sales boost thanks to the recent round of stimulus checks sent to some Americans, but the uptick could be short-lived with dining restrictions still in place as the coronavirus pandemic drags on.
The $900 billion coronavirus aid package, which included $600 stimulus checks for eligible adults and children, resulted in a short-term increase in sales for some restaurants as some people used their stimulus money to dine out, according to the Wall Street Journal.
Restaurant monthly sales fell 19.5% in 2020 compared to the year prior, according to data from the Department of Commerce.
Read More: Panera hopes 'Virtual Catering' will win back major clients and revive its part of the $60 billion industry
Executives from Church's Chicken, Checkers Drive-In Restaurants Inc., Noodles & Co., and TGI Fridays said they experienced higher sales as consumers spent more on food orders after receiving their government checks.
The second round of checks contributed to a 6.5% increase in sales in January compared to December, the Tampa, Florida-based owner of restaurant chains that include Beef 'O' Brady's and The Brass Tap Chris Elliot told The Wall Street Journal.
Read More: Restaurants are buying less food than before the pandemic as they struggle to stay afloat
"Anytime the government provides a direct stimulus by putting cash into the hands of the consumer, it's good for the economy in general, and it typically provides a nice boost to the restaurant industry," Jack Hartung, Chief Financial Officer at Chipotle told Business Insider in an emailed comment. "We're pleased to see that our government provided this assistance, as it helps people and businesses who have been hurt financially by the pandemic."
In early January, TGI Friday's daily sales increased by around 20% compared to the weeks prior after consumers received their stimulus checks, CEO Ray Blanchett told Bloomberg.
"Folks that are the most vulnerable in our society -- this gives them a little bit of relief," Blanchette told Bloomberg. "They sort of want to get out and treat themselves."
Read More: 85% of independent restaurants may go out of business by the end of 2020, according to the Independent Restaurant Coalition
The uplift in sales may not last long as restaurants struggle to remain afloat amid the pandemic. The current dining restrictions are meant to help slow the spread of the virus that has caused 17% of over 110,000 restaurants nationwide to close permanently or long-term, according to a letter sent to Congressional leadership by the National Restaurant Association.
Restaurant chains saw a 3% to 12% sales boost in April when the first round of stimulus checks were sent out. But the increase in sales disappeared quickly, according to industry research firm Revenue Management Solutions, the Wall Street Journal reported.
Read More: These 38 retailers and restaurant companies have filed for bankruptcy or liquidation in 2020
Olive Garden, Outback Steakhouse, and Texas Roadhouse posted an uptick in sales in the third week of April when the stimulus was released, but it was short-lived, lasting around one week, according to a report by Gordon Haskett Research Advisors.
Restaurant owners have been calling for federal funds and financial relief to cope with the financial strains caused by the pandemic. This month, Joe Biden called for a $1.9 trillion stimulus plan for economic recovery.
Read More: 12 restaurant chains have filed for bankruptcy in 2020 in the wake of the pandemic