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Business Problem Analysis Research : US payment servicec - Term Paper Example

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Business Problem Analysis Research Paper Executive Summary Western Union Money Transfer is one of the world's most popular money transfer companies in the world. Since the global market is facing economic fluctuations due to recession, the companies like Western Union who are totally depended on the money exchange is bound to be affected…
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Business Problem Analysis Research Paper: US payment servicec
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Download file to see previous pages The second major rising issue is that of the money laundering cases around the world. Many people are falling prey to such situations when they are choosing the convenient methods of money transfer for avoiding time taking paper works. Western Union has boost its sales by acquiring several small companies in the same industry, so that it can utilize its resource and customer base and spending heavily to develop an effective framework to avoid money laundering cases. In this study the PSU-SBU model has been utilized to analyze the position of Western Union in the money transaction market and the major issues that the company is facing has been discussed to derive certain results and methodologies has been also selected to solve those issues, so that the company can eliminate several risks. Table of Contents Executive Summary 2 Introduction 4 Business Problems of Western Union Company 4 Problem Solving Methodology 5 Position 6 Sense 7 Uncover 8 Solve 10 Build 10 Achieve 11 References 13 Introduction There is huge demand of US payment service companies in the global market. Companies like Western Union, MoneyGram International, etc are generating great revenue in this sector due to the rising demand of money transfer around the world. The companies are still looking out for new avenues of services ranging from domestic services to mobile transfer of funds. The Asian, especially the south-eastern countries are the major markets for the money transfer companies. Countries like India and China are on the top of the list of remittance receiving countries (Mukherjee, and Bhattacharjee, “U.S. money transfer firms explore new routes in Asia”). According to the World Bank Report, the projected remittance flow towards the developing countries were about 6.2 percent in the year 2010 and about 7.1 percent in the year 2011. The money transfer companies have a wide network all around the world (Hoovers, “The Western Union Company”) According to the World Bank the amount of global remittance is about $317 billion. Companies are also launching mobile money transfer to facilitate the people in providing effective services. The remittance industry cannot be underestimated as about two-third of the developing countries receive money from the workers staying in different countries of the world, through these money transfer companies. The money transfer industry is actually fragmented and it has to adapt and include new policies, technology and regulations to compete in the present economic situation. The money transfer companies such as Sigue, Unistream, and MoneyGram and off course Western Union are the few well-known companies few of the top level money transfer companies which are planning to expand rapidly (Yahoo Finance, “The Western Union Company (WU): Competitors”). Business Problems of Western Union Company Western Union is one of the major players in the money transfer industry. It is a big company which employees around more than 7,000 people. The company was founded in the year 1851 by Ezra Cornell. The services offered by Western Union are mainly money orders and wire transfers. The annual revenue for the past year was about $5.193 billion. The different departments of the company are mainly business payments, person to another person payment, money orders, money transfer and other commercial services. It is a common fact ...Download file to see next pagesRead More
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