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UnionPay, Solidarnost Bank launch ‘Money Express’ cross-border service

Author : Pankaj Singh | Published Date : 2021-10-22 

Global payment services provider UnionPay International ("UPI") and Solidarnost Bank have jointly launched the ‘UnionPay Money Express’ service to help customers quickly make cross-border transactions using their account or via their card to China and the Commonwealth of Independent States (CIS) countries without visiting a Solidarnost branch.

Customers who have a Solidarnost Bank card or an account can make a transaction across the borders regardless of what their location is, by using the "Solidarnost Online" mobile application or by accessing the "Internet Banking" system at the Bank's branches.

Money Express is the cross-border remittance service of UPI which has been launched in around 45 countries and regions including Japan, the U.S., Singapore, the UK, Australia, and Russia.

The service is not similar to traditional cross-border telegraphic transfers as it can determine a favorable exchange rate in advance and deposit the payment directly into the recipient’s UnionPay account instantly in most cases. It only requires the recipient's name as well as a UnionPay card number to complete the transfer.

UnionPay International Russia Branch Head, Xia Yu, mentioned that during the last year, the number of money transfers via their Money Express service has increased greatly. He further added that they are happy that many Russian banks have joined the Money Express service, providing local clients a fast, convenient, and secure way for transferring funds to UnionPay cards.

Solidarnost Bank has started a promotion allowing clients to make Money Express transfers to the Republic of Uzbekistan without paying commission to the banks before December 31, 2021.

Solidarnost Bank has a prominent place among the major Russian financial institutions and is among the most reliable in Russia. Whereas, UnionPay, founded in 2002, is an international payment system with a network of around 180 countries, with over 70 countries having issued UnionPay cards. With the launch of the Money Express, both the firms are expected to greatly benefit from each other.

Source: https://www.prnewswire.co.uk/news-releases/unionpay-international-and-solidarnost-bank-co-launch-money-express-service-to-simplify-cross-border-transfers-808106752.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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