Here on Bank Innovation, we’re big advocates of finding where intersections of innovation connect. And yesterday, the news wires leaked evidence of innovation converging, well, under the same unit for a major payment transfer company.
Indeed, Western Union Co., announced its online, mobile and prepaid card businesses will now follow under a new entity, Western Union Ventures, to focus on developing new service offerings. The three strategic growth areas for the unit include consumer money transfer, business-to-business payments and new products and services.
Diane Scott, executive vice president and chief marketing officer, will lead Western Union Ventures.
In the same announcement, Western Union revealed that David Yates, executive vice president of business development and innovation, will leave the company on Sept. 30 to pursue business interests in Europe.