Western Union and PrivatBank launched Money Transfers in Ukraine

On February 24, 2016 Western Union, a leader in the global money transfer system, announced the launch of an online platform for remittances in Ukraine.

Ukraine is an important market for Western Union, and we are pleased to announce the launch of a new digital service in Ukraine. Online transfers in Ukraine are in line with our global growth strategy, which opens up new opportunities for consumers, as well as for businesses.

Molly Shea, Senior Vice President of Western Union Digital

Western Union is a unique company with more than 150 years of distinguished history that has been an industry leader in global payments for more than half a century throughout all manner of prevailing economic conditions.

The history of Western Union dates back to the middle of the XIX century with the invention of the telegraph unified system allowing to deliver information in what was then the shortest time possible. The effectiveness of the new telegraph network allowed Western Union to quickly establish a leadership position at the heart of the US economy.

Western Union continues to evolve its business over the past 165 years, but in essence its business has always remained associated with connecting people.

When Ukraine became the next country for implementation of its online remittance service, Western Union reached out to PrivatBank as the largest and most experienced player in the Ukrainian banking market.

Having described the nature of the problem, PrivatBank found it faced a similar issue as Western Union. The bank two years ago grappled with the complexity of launching, scaling and supporting innovative new projects. PrivatBank solved this problem by creating Corezoid, a digital core-based cloud platform for process modelling.

A digital core means processes are moved to the cloud. We refer to digital core companies as "smart" companies. Such companies can fully automate their activities and freely scale their businesses worldwide. This means that companies are much more likely to survive in the era of the digital economy, which requires businesses to consistently meet evolving customer demands.

PrivatBank created its digital core through transferring its 80000 processes to Corezoid, and the shift has been wholly successful. PrivatBank advised Western Union to do the same and to consider the creation of its digital core, starting with the creation of an online money transfer service based on Corezoid.

Having been acquainted with PrivatBank’s decision and having seen the obvious advantages of Corezoid, Western Union agreed to use Corezoid as the basis of its new online service.

The whole process of launching an online money transfer system in Ukraine took six months, as opposed to nine months in other countries. This produced a ready-made service which Western Union can quickly scale around the world. This Corezoid-built solution is easy to maintain even without developers and allows to view the state of business in real time.

One of Corezoid's key benefits is the ability to simplify process copying. This means that to launch an online money transfer service in one of Western Union’s 200 countries of operation there is no need to look for a vendor and recreate the wheel yet again – it is just necessary to copy the process, customize it a little to fit market needs, connect the API to partners and that is all.

This approach allows to save hundreds of thousands of hours of development and approvals work that Western Union would require under the old approach. Previously, to scale a system worldwide, it would take Western Union more than 10 years. With Corezoid this can be done in 1-2 years.

It is also worthwhile to note the ease of processes support provided in Corezoid through programming using explicit state selection. This means that a developer or business analyst has no need to work with code for tracking faults or changes in the project. Due to the process visual design in block diagram format the complete process architecture is plainly visible, and clear states of clients and data are stored directly in the node.

In addition to process copying and ease of support, an important advantage of Corezoid is event-driven architecture enabling customers to work with states in real time. This is a fundamental innovation that distinguishes Corezoid from old-fashioned systems of large corporations. All data received in Corezoid, may be immediately processed and the results can be displayed in online dashboards.

By the way, regarding online dashboards: this is a built-in Corezoid function, which allows to keep track of business statistics in real time, make lightning-quick solutions and model hypotheses for further development.

As a result, having created an online money transfer service based on Corezoid process design in only six months, Western Union received the most flexible and scalable system that allows to promptly make changes and monitor business in real time.

Source: https://en.privatbank.ua/news/western-union-and-privatbank-launched-funds-transfer-in-ukraine/