To meet the needs of retirees who move overseas, Western Union Business Solutions and CPAS have created a platform for efficient, international delivery of pension payments. CPAS clients can use the payment network of Western Union Business Solutions, which plans to offer an integrated solution through CPAS software.
Clients have access to international direct deposit capabilities; identity checks for overseas pensioners through Global Existence Transaction service; and an integrated pension administration platform.
The Global Existence Transaction service is a new pension payments product that enables identity checks for overseas pensioners. A face-to-face interaction has the beneficiary provide photo ID at one of approximately 300,000 participating Western Union Agents worldwide. So far, pension funds have recorded more than 5% savings on annual pension disbursements through use of this product.
“Western Union Business Solutions has proven success in this industry, processing over 10,000 pension payments per month to international retirees,” Jonathan Rees, North American managing director of Western Union Business Solutions, said in a statement. “Both Western Union Business Solutions and CPAS have extensive experience and nuanced understanding of the pensions industry and the challenges of paying overseas beneficiaries.”
Processing benefits to offshore retirees carries expense for both pension plans and to the retirees themselves, David Rive, managing director of CPAS said in a statement. “The process is slow, burdened with fees, and exposed to the threat of fraud,” he said. “Our new partnership with Western Union Business Solutions helps us mitigate these problems.”
Western Union Business Solutions is a division of the Western Union Company.
CPAS Systems Inc., in Toronto, is a global pension payments and administration software provider, and a Xerox company.