Western Union Business Solutions (WUBS) and CPAS Systems Inc., a global pension payments and administration software provider and a Xerox company, have partnered to provide direct deposit services to North American pension funds that send benefits to offshore retirees.
CPAS clients would be able to use WUBS’ payment network to transfer payments around the world.
In addition to providing CPAS clients with international direct deposit capabilities, WUBS will also provide access to its Global Existence Transaction service, a new pension payments product that enables identity checks for pensioners living abroad.
The Global Existence Transaction service is a face-to-face interaction between the beneficiary and a Western Union agent, during which the beneficiary has to provide photo ID.