Dedicated teams will bring improved international payments services to companies and organizations that operate internationally in both markets, particularly in the SME sector. These services include financial products designed specifically to support small and medium sized importers and exporters, allowing customers to execute payments in over 135 currencies to over 200 countries and territories around the world.

"I am very excited to be expanding our presence in Germany and Austria," said Raj Agrawal, President, Western Union Business Solutions. "Navigating the world of international payments can be a challenge, especially for SMEs whose time and resources are often stretched. Our services will help demystify that process and improve the efficiency and ease of their cross-border payments, so they can focus on growing their business."

Combined, there are over 2 million SMEs in Germany and Austria.1 Germany exported over €1 trillion worth of goods in 2011 according to the Federal Statistic Office, while German imports were valued at €903 billion.2 Austrian exports were valued at €121 billion with imports at €131 billion over the same period.3

"German and Austrian SMEs are renowned for their ingenuity and resilience," Mr. Agrawal continued. "The Mittelstand is a key driver of economic growth which is why giving SMEs the scale and service they deserve is vital to help them compete in the global market. Our ability to execute local currency payments around the world is unrivaled and will support customers' efforts to negotiate better terms of trade and protect margins against unexpected currency fluctuation."

The opening of German and Austrian offices is a key element of Western Union Business Solutions' European expansion strategy as it grows its global presence and follows on recent launches in countries including Jordan, Chile and Poland.