Bank of China is all set to roll out Western Union Money Transfer services at its branches and sub-branches throughout mainland China from January 2015.
The services, which are part of Western Union’s omni-channel strategy, are expected to allow consumers to receive international remittances at over 10,000 Bank of China locations in provinces and regions throughout mainland China.
Western Union Middle East, Africa, Asia Pacific, Eastern Europe & CIS president Jean Claude Farah said: "This signing with Bank of China is a historic moment for Western Union. Bank of China is one of the world’s leading financial institutions, serving as China’s financial link to the world for over 100 years.
"Connecting people across borders is a heritage we share. We welcome Bank of China to the Western Union family and look forward to working together to offer fast, reliable and innovative services to consumers throughout the country."
Bank of China executive vice president Zhu Shumin said: "Cross-border financial services have always been Bank of China’s competitive edge and key focus.
"Our cooperation will allow our joint customers to enjoy an even bigger range of remittance products, more convenience and raise our service standards."
The collaboration of the two companies will allow Bank of China customers to receive remittances directly into their online banking-enabled accounts and at selected self-service kiosks.
Following the addition of Bank of China’s branches and sub-branches, Western Union Money Transfer services will be offered at more than 32,0001 locations nationwide in cooperation with 15 agents.