Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

Fortune 500

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Western Union Company Profile, News, Rankings | Fortune

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Western Union

western union

Rey Mashayekhi

Could a Western Union–MoneyGram deal help two giants fend off fintech disrupters?

/2020/06/11/western-union-moneygram-acquisition-remittance-money-transfers/

Erik Sherman

Western Union and Zelle Executives Dish on Competition and the Future of Mobile Payments

/2019/06/19/western-union-zelle-mobile-payments/

Jen Wieczner

Lucinda Shen

Ripple’s XRP Isn’t Making Western Union’s Payments Cheaper, CEO Says

/crypto/2018/06/13/ripple-xrp-cryptocurrency-western-union/

Jeff John Roberts

Western Union Is Testing Ripple and XRP for Money Transfers

/crypto/2018/02/14/ripple-xrp-western-union-money-transfers/

[ MUSIC ] Hickman, thank you so much for joining me for this virtual interview in these difficult times. And speaking of that, everyone knows Western Union and the vital service that you provide so people can Send money all around the world. Not only in good times, but in wars, and natural disasters. And now that we are in this unprecedented coronavirus Pandemic, how are things going? How's your business doing? Well, we are continuing to support our people, the customers around the world. The first thing is we are taking care about the safety of our employees. We have employees all over the world, from New Zealand to Argentina, from the US to To Prague, and first of all the safety of our employees are the most important thing. But also at the same time while we are safety of our employees, we are thinking all the time about our customers. They come from 200 countries and they want to continue to want to support their loved ones. I mean they're sending money. Our digital business is growing very strong obese and people said sit at home and then there are a lot lockdowns, they send money from home, worldwide to 200 countries to support their loved ones so the loved ones can really go buy a medicine or visit the doctor or You know basic things and it's important to keep that up. Because without that many people may have, you know, other difficulties and Western Union has done that for 170 years and we are going to continue to do that. So you mentioned that there there are two ways actually that people can send money your customers. One is digitally, as you mentioned, and the other one is to go into a Western Union retail store and you have a lot of them. No vast network of them. But as you mentioned, now that people are told to stay home, how is this impacting the retail side of your business? There'll be some black dance or gold white But it depends on the country, depends on it's known as essential business or not not many, many locations are open because it's essential business but it does have an impact on the retail side of our business. If people can't go on straight Can go visit a retail location. They can't do transactions. They can't pick up the money. At the same time. They are getting also innovative. We are promoting our digital business, we even start starting a video conferencing so you can like we do both of us the extra money Why I video conference to support the people. One of the big worries as you know is for so many people is getting laid off, not getting a paycheck. What are you doing to prevent layoffs at Western Union? Well, so far, we are supporting the customers so we need our people to that money moves, right? I mean, we do also Retrain the people, some people who are in retail dedicated [ INAUDIBLE ] locations are on the phone now are on the video conferencing now. But our people are more on the settlement side, more on the operational side and but I'm also worried about our agents or agents locations where people are working there. Well So far we need our people to support the customers. So are you saying that so far you have not done a single layoff and if that's true, how long can you keep that up? Yes ma'am we have not done a single layoff as long as possible. We want to keep the people working. We are supporting that. And if you are really dedicated that the people can support the customer. So we generate cash flow and they keep their jobs. I know that you stay in close touch with your employees and you talk to them at least in the good times. I think now it's a little tougher. But What are they telling you? What concerns them and how are you supporting them? Well, obviously I'm staying still very close to our employees. We have daily calls. We have I just came out from a call with our employees which we communicated and the end of the call. We had a question. q & a session so I can tell you directly what we have communicate to our employees. First of all, they are worried about their loved ones about their families. And they are seeing that Western Union has a leadership so you need is well equipped to give a trust to our employees. So this trust translates also to our customers they're most worried about besides their loved ones is obviously keeping the lights on. Keeping current constantly that our customers get served in a very well way and they are very dedicated to they know they everything they do has an impact to the to our customers and we're they're very dedicated. You know, these are tough times. That's very impressive. I can hear about that dedication, but how are you motivating Your employees. What are you doing and saying so that they stay positive and keep coming to work? Well I am probably being authentic as I am [ LAUGH ] being, really telling my own stories, how I do call my relatives. Really, look, I personally have relatives all y in Austria, in Turkey and in India. I'm especially worried about my elderly relatives and I'm telling the stories how I do support them. I think if people see authentic leadership. That makes them really say, now okay, this is real. Look, this is a global company. We saw the early signs that we're seeing again. As this [ UNKNOWN ] in China we already implemented there with our employees business continuity plans. And to learn, it's what we took. The as the virus is unfortunately spread all over the world. We implemented that everywhere and that learning was a big advantage for us. [ BLANK_AUDIO ]

Ersek says the company anticipated the COVID-19 crisis.

Western Union CEO: Global payments are more important now than ever

Leadership

Western Union CEO: Global payments are more important now

[MUSIC PLAYING] LISA MARCHESE: AI is a much used term and I think everybody has a bit of a different definition of what it is. AMBER BALDET: A lot of the applications that we see today are really machine learning or even something that's a bit of a precursor to a robust machine learning program, but still very insightful. They offer new kinds of business analysis. SALLIE KRAWCHECK: AI can be a very exciting future for financial services. You think about its use in investing versus what the human brain is able to do. Through the use of technology, we can have more customized investment portfolios better suited to individuals needs, that don't panic in downturns, that I think can do potentially a better job than so many active managers have done for investors today. ADAM WHITE: So using AI well to me is just like any tool. It has to have the right application for the right purpose. And you have to do it in an endeavor to have a better outcome for the customer. Things like machine learning are going to be core to how we develop a product that suits our customer's needs. SIGAL ZARMI: AI has been proven to be a powerful tool. And the way we think about artificial intelligence and machine learning is really across all of our businesses. Not just in our sales and trading operation, but also in our wealth management and investment management operation. MARIE WIECK: I think the whole notion of machine learning accelerating and augmenting human intelligence and learning from patterns quickly is something that we're seeing help in multiple industries. So that you can really add nuance, but with a body of fact. AMBER BALDET: We need to remember, though, that those systems are created by people and inherit the biases thereof. And so we can't simply trust what comes out of a so-called AI system as though it's inherently smarter than us. And we need to constantly be checking that with our view of reality and the world we'd like to create. SALLIE KRAWCHECK: The challenge where AI and one of the things we're addressing, challenge with all technology, and one of the things we're addressing at Ellevest is the inherent bias. GREG BECKER: Machine learning and AI basically looks at historical data. And if historically speaking, industries have been discriminatory, you could end up perpetuating that discriminatory behavior if that's what it's learning from. SIGAL ZARMI: We need to be really careful with what we are asking the machine to do and how we are thinking and evaluating what the machines are doing. HIKMET ERSEK: I think AI information has to be also regulated. I mean, I'm not talking about overregulation. I mean, don't understand me wrong. But it's really misuse of the information has to be regulated in sake of the people. [MUSIC PLAYING]

Insights: How A.I. Continues to Impact Financial Services

Uncategorized

Executives from big financial institutions explain.

A.I. Continues to Impact Financial Services

Executives from some of the world's biggest financial institutions explain.

I much term, and I think everybody has a bit of a different definition of what it is. A lot of the applications that we see today are really machine learning or even something that's a bit of a precursor to a robust machine learning program, but still very insightful. They offer new kinds of business analysis. A. I can be a very exciting future for financial services. You think about it used in investing versus what the human brain is able to dio through the use of technology. We can have more customized investment portfolios better suited to individuals needs. Don't panic in downturns that I think Indio potentially a better job So many active managers have done for investors today using Aye aye well, for me is just like any tool. It has to have the right application for the right purpose, and you have to do it in an endeavor. Thio have a better outcome for the customer. Things like machine learning are gonna be court to how we develop a product that suits our customers need Hey is improving to be a powerful tool, and the way we think about artificial intelligence and machine nothing is really across all of our businesses. No, just in ourselves and trading operation, but also in a wealth management and investment is real information. I think the whole notion of machine learning accelerating and augmenting human intelligence and learning from patterns quickly is something that we're seeing help in multiple industries so that you can really add nuance, but with a body of fact way. Need to remember, though, that those systems are created by people and inherit the biases thereof. And so we can't simply trust what comes out of a so called a I system as though it's inherently smarter than us. And we need to constantly be checking that with our view of reality. And the world would like to create the challenge with a I and one of things we're addressing, I tell you, with all technology and one of the things we're addressing elevates is the inherent bias machine learning it, eh? I basically looks at historical data, and if historically speaking industries have been discriminatory, you could end up kind of perpetuating that discriminatory behavior. If that's what it's learning from, we need to be really careful with what we are asking. The machine to do and how we are thinking and evaluating what the machines doing. I think I information has to be able to regulate it. I mean, I'm not talking about overregulation, right? I mean, you just don't understand the ground, but it's really misused off. The information has to regulate that in sake, off the people.

[ MUSIC ] AI is a much- used term, and I think everybody has a bit of a different definition of what it is. A lot of the applications that we see today are really machine learning Or even something that's a bit of a precursor to a robot's machine learning program but still very insightful. There offer new kinds of business analysis. AI can be a very exciting future for financial services. Think about it's use in investing versus what the human brain is able to do. With the use of technology we can have more customized investment portfolios. Better suited to individuals needs that don't panic and downturns that, I think can do potentially a better job than so many active managers have done for investors today. So using AI Well, to me is just like any tool, it has to have the right application for the right purpose. And you have to do it in an endeavor to to have a better outcome for the customer. Things like machine learning are going to be core to how we develop a product that suits our customers needs. Has been proven to be a powerful tool and the way we think about artificial intelligence and machine learning is really across all of our businesses, not just in our sales and trading operation but also in our wealth management. And it's Investment Management Information. I think the whole notion of machine learning, accelerating and augmenting human intelligence and learning from patterns quickly is something that we're seeing help in multiple industries so that you can really add nuance But with body of fact. [ MUSIC ] We need to remember though, that those systems are created by people and inherit the biases thereof. And so we can't say Simply trust what comes out of a so called AI system as though it's inherently smarter than us. And we need to constantly be checking that with our view of reality and the world. We'd like to create. The challenge with AI and one of the things we're addressing challenge with all technology and one of the things we're addressing these elements is the inherent bias. Machine learning AI. Basically looks at historical data. And if historically speaking, industries have been discriminatory, you could end up kind of perpetuating that discriminatory behavior if that's what it's learning from. We need to be really careful with what we are asking the machine to do and how we are thinking and evaluating what the machines are doing. I think AI information has to be also regulated. That. I'm not talking about over regulation, right? Don't understand me wrong, but it's really misuse of the information as to be regulated in sake of the people.

How A.I. Continues to Impact Financial Services

Finance

As explained by executives from some of the world's biggest financial institutions, and cutting edge fintech companies.

[ MUSIC ] [ LAUGH ] I don't know what the future of Bitcoin is. [ LAUGH ] I have no idea. Anybody else think they know? The future of Bitcoin? [ LAUGH ] I'm so torn. No one knows exactly what the future of Bitcoin is, but one thing that's for certain is it's not going away. The technology is out in the wild and it's Being learned from and modified. And then some incarnation, the problems that it solves and the things that people need out of it, it will stick around. It's hard to say, right? I mean, there's a lot of competition coming from other cryptocurrencies. Some people see Bitcoin as a store of value. Everyone should be buying it to hold it to prevent against global meltdown with governments. I let people believe that. You know bitcoins meant to be a cryptocurrency peer to peer payments etc. So it was a different view of it. I think it will end up being a better way to store value in countries where the currencies like pretty volatile. Bitcoin has all the same attributes as gold, it's finite and supply itself. Scarce, divisible, it can't be counterfeit, but what Bitcoin lacks in history and arguably cultural significance, it more than makes up in accessibility and utility. The coin is creating a whole new set of potential rails. You can move money around the world. You can make micro payments. Anybody who has a mobile device can now save money. And that's super powerful. [ MUSIC ] I look at it as the genies out of the bottle. And what we see is not just that Genie being blockchain or crypto, but the fact that what we previously thought of is only in the domain of kind of sovereign nation states like money now via technology in software. We can do and accomplish in a decentralized way. I think blockchain is definitely an interesting processing model. Coins and currencies has to be issued by central banks. That's what I believe. It's we're controlled by governments. It's not controlled by an entity. It's hard to regulate it. And it's hard to avoid anti- money laundering. Finding how to manage this is important. Blockchain can help there, but Bitcoin, I don't think it has a long run. The role of Bitcoin is growing as a non- sovereign Digital store value that is your private and unsensible and I think that's highly compelling for many, many people all around the world. My expectation will be that it will grow both in terms of its value and it will grow in terms of its. Ultimate utility. [ MUSIC ] [ BLANK_AUDIO ]

The Future of Bitcoin According to 8 Executives

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Western Union

Company Information

Key Financials (Last Fiscal Year)

Profit Ratios

Earnings Per Share (Last Fiscal Year)

Total Return