The United Kingdom’s PSI Pay entered an agreement with the global financial services provider Western Union so that holders of ecoAccount digital wallets – ecoAccount is part of the line of financial products offered by PSI Pay; PSI Pay oversees the operation of ecoAccount digital wallets and has since the company was founded in 2007 – can transfer electronic money around the globe via the Western Union network.
Such capabilities have been made possible by the integration of Western Union’s financial services capabilities with the platform of PSI-Pay, part of which consists of digital ecoAccount wallets.
Customers of PSI Pay’s network can purchase funds via credit and debit cards via both wu.com – Western Union’s website – and its mobile app.
What is Western Union?
In 1851, the New York and Mississippi Valley Printing Telegraph Company was created by Ezra Cornell, a brilliant mind also known as a founder of Cornell University, a four-year institution of higher education that belongs to the Ivy League network of schools. The company later changed its name to The Western Union Company and is today known for being the largest transporter of telegraphs in the history of mankind, having created the world’s first stock ticker, and being one of only 11 American companies that was traded on the New York Stock Exchange to be tracked by the Dow Jones Transportation Average, a stock index that tracks the world’s best competitors in the transportation industry.
The Western Union Company – almost exclusively referred to as Western Union – is currently known for exchanging money both domestically and internationally throughout virtually all countries on the planet.
— PSI-Pay (@PSIPayLtd) August 24, 2015
What is PSI Pay?
In 2007, PSI Pay was founded in the United Kingdom. PSI-Pay became the first true provider of financial services on the consumer level throughout the United Kingdom as an entity other than a financial institution or bank.
PSI-Pay works closely with GPS, Mastercard, PIF, VISA, and other financial services companies as part of one of the world’s largest, most-interconnected circuits of entities that provide banking services to consumers without having to open and maintain accounts with banks.
The company’s operations are fully authorized by the Financial Conduct Authority – a government agency that is part of the United Kingdom’s federal government – as part of the 2011 Electronic Money Regulations legislation to issue, transfer, hold and otherwise deal with electronic money.