Western Union said the business solutions provides cross-border business payments and foreign exchange solutions to small and medium sized businesses (SMEs).
With the addition of business solutions to its product portfolio, Peruvian agent Serviban can offer SMEs service delivery for global business payments to over 200 countries and territories.
Western Union Business Solutions general manager Raj Agrawal said Peru presents a fantastic opportunity for its international business payments service, given the variety of industries at work there.
Peru has annual imports estimated at more than $25bn, along with an estimated one million micro, small and medium-sized enterprises.
The global cross-border SME payments market is estimated to be similar in size to the consumer cross-border remittance market, with estimated global revenues of over $20bn.
