Western Union Hosts Financial and Regulatory Meeting in Vienna
VIENNA--(BUSINESS WIRE)-- More than 150 financial industry experts are meeting in Vienna today to discuss how to better meet consumer financial service needs in Europe while ensuring consumer protection and enabling growth. The Executive Business Forum, organised by Western Union and the U.S. Embassy, will hear keynote opening addresses from Governor Ewald Nowotny from the Central Bank of the Republic of Austria, William C. Eacho, the U.S. Ambassador to Austria, and Hikmet Ersek, Western Union’s President and CEO. On Tuesday evening, attendees were addressed by Ernst Welteke, former President of the Deutsche Bundesbank.
In his opening remarks to the Executive Business Forum, Hikmet Ersek said, “The European payments industry is undergoing significant change, particularly regulatory change, and the rules governing our industry are being fundamentally rewritten. This change in Europe must enable economic growth, consumer choice and protection, as well as mobility and social inclusion.”
The forum, Driving Growth in Regulated Financial Markets – Challenges for the Financial Services Sector in Europe, featured nearly 20 financial leaders from across Europe and the U.S., who represented the European Commission, banks and financial regulators.
In his keynote address, Governor Nowotny provided a broader financial perspective, saying “The European central banks were able to counter the financial crisis with a series of assertive measures. However, for long-term stability it will be essential to establish higher capital ratios, as well as additional regulatory rules.”
The Executive Business Forum follows a two-day meeting of Western Union’s European agents and compliance experts, who discussed the latest trends and how best to protect consumers against financial crimes.
Hikmet Ersek said, “It’s vital that consumers are protected when using financial services, especially payments, and that’s why Western Union is committed to regulation to prevent financial crime, and invests a significant amount each year in its financial compliance activities.”
About Western Union
The Western Union Company (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, Western Union 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. As of March 31, 2013, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 515,000 agent locations in 200 countries and territories and approximately 100,000 ATMs. In 2012, The Western Union Company completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. For more information, visit www.westernunion.com.
Kristin Kelly, 720-332-4751
KEYWORDS: Austria United States Europe North America Colorado