Shieldpay and WUBS partner to provide Foreign Exchange on international transactions

By Joy Dumasia

Shieldpay announced its partnership with Western Union Business Solutions, a global leader in cross-border, cross-currency money movement and payments to provide customers with secure online payments and Foreign Exchange (FX) capability when trading internationally or dealing with foreign currencies. 

Businesses receive funds, buy and sell internationally, make foreign investments, fund imports, pay foreign mortgages and buy raw materials worldwide in various currencies. But unpredictable foreign exchange rates can negatively impact business transactions of all sizes, especially when the transactions are of high value. 

Shieldpay protects online payments, whether high-value, high-risk payments or thousands of time-sensitive transactions, every day. This is done through verification, secure holding of funds, and any volume or value of payouts dependent on specific criteria before a transaction can complete. The end-to-end process frees up time and resources, helps businesses and consumers protect themselves against payment fraud, and ensures compliance with local regulatory payment requirements. 

Daniel Dunne, Head of Partnerships, Shieldpay, commented: “Whether receiving funds or making payments in multiple currencies or jurisdictions, our partnership will help our customers protect business payments by allowing them to lock in currency rates when they first receive a foreign currency, meaning that they will be protected against Foreign Exchange (FX) fluctuations.” 

Recently, IBS Intelligence reported that Shieldpay, the secure digital payments market leader and global credit and risk specialists DirectID, have announced a partnership to implement DirectID’s open banking-powered bank account verification into the Shieldpay payments engine. DirectID’s Connect widget and Shieldpay’s payment engine allow customers to transfer funds online through digital escrow and trust services.