Western Union Partners with HCLTech for AI-Driven Financial Services Transformation

Western Union Teams Up with HCLTech to Shift to AI-Led Platform Model

Western Union will use HCLTech's AI-powered solutions, FENIX 2.0 and AI Force, to transition to a platform-centric model, enhancing agility and scalability. Western Union has partnered with HCLTech to enhance its financial services through an AI-driven platform operating model. The collaboration designates HCLTech as Western Union's largest preferred partner, focusing on digital transformation, platform innovation, and operational efficiency. As part of the agreement, Western Union will use HCLTech's AI-powered solutions, FENIX 2.0 and AI Force, to transition to a platform-centric model, enhancing agility and scalability. The partnership also aims to accelerate Western Union's platform and channel transformation by utilising HCLTech's digital, cloud, and AI solutions to improve customer experiences and support data-driven decision-making. Moreover, HCLTech will contribute its expertise in digital engineering to modernise Western Union's technology landscape, implement full-stack observability, and boost operational efficiency through AI-assisted methods. A key initiative under the partnership is the establishment of an advanced technology centre in Hyderabad, which will strengthen Western Union's global technology capabilities and foster innovation. Commenting on the partnership, Devin McGranahan, president and CEO of Western Union, stated, "HCLTec's expertise will help us fulfil our mission to make world-class financial services accessible to people everywhere." Furthermore, Vijayakumar C, CEO and managing director of HCLTech, highlighted the company's commitment to fintech transformation. "This strategic partnership emphasises our focus on empowering fintech companies through digital engineering-led transformation and creating exceptional value for their stakeholders." Meanwhile, HCLTech is accelerating its generative AI strategy, aiming to integrate AI services into 100 clients by FY26. During its Q3 FY25 earnings call, the company revealed that its AI Force platform has already been adopted by over 20 clients, with plans for significant expansion in the coming years

Western Union and HCLTech partner for transition to AI-led platform operating model

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The strategic partnership establishes HCLTech as Western Union's largest preferred partner as they collaborate to: 1. Transition to a platform operating model: Western Union will leverage HCLTech's AI-powered solutions, FENIX 2.0 and AI Force, to accelerate Western Union's transition to a platform-centric operating model, enabling greater agility and scalability. 2. Accelerate platform and channel transformation: Western Union will harness HCLTech's cutting-edge digital, cloud, and AI solutions to enhance platform and channel capabilities, delivering seamless and innovative customer experiences. HCLTech will support data driven decision making and increased resilience through enterprise-wide infrastructure transformation. 3. Leverage expertise in digital engineering: HCLTech's proven track record in digital engineering will accelerate Western Union's work to reimagine its technology landscape, implement full stack observability and automation, increase efficiency through AI-assisted methods, and ensure robust and future-ready solutions. 4. Expand technology footprint in India: Western Union, in collaboration with HCLTech, will establish an advanced technology centre in Hyderabad, India. This will further enhance Western Union's global technology capabilities and create new opportunities for innovation and talent development. Devin McGranahan, President and Chief Executive Officer of Western Union, added, "Our collaboration with HCLTech is a testament to our shared vision of delivering exceptional value to our customers. HCLTech's expertise will help us fulfil our mission to make world-class financial services accessible to people everywhere." C Vijayakumar, CEO and Managing Director of HCLTech, said, "This strategic partnership emphasizes our focus on empowering fintech companies through digital engineering led transformation and creating exceptional value for their stakeholders. We remain deeply committed to Western Union's growth journey through innovative solutions that deliver real business outcomes." This partnership reflects the shared values and vision of HCLTech and Western Union, as they work together to supercharge progress and create a lasting impact for our strategic clients.

Western Union Taps AI to Move to 'Platform Operating Model' | PYMNTS.com

The collaboration will see Western Union employ HCLTech's AI solutions to move to a "platform operating model," which will offer greater agility and scalability, according to a Monday (March 24) press release. "Western Union will harness HCLTech's cutting-edge digital, cloud and AI solutions to enhance platform and channel capabilities, delivering seamless and innovative customer experiences," the release said. "HCLTech will support data-driven decision making and increased resilience through enterprise-wide infrastructure transformation." In addition, the partnership will see Western Union open an "advanced technology center" in the Indian city of Hyderabad to bolster its tech capabilities, per the release. "HCLTech's expertise will help us fulfill our mission to make world-class financial services accessible to people everywhere," Western Union President and CEO Devin McGranahan said in the release. HCLTech Managing Director and CEO C Vijayakumar said in the release: "This strategic partnership emphasizes our focus on empowering FinTech companies through digital engineering-led transformation..." Western Union announced last month that its new media network business contributed to 56% revenue growth for its Consumer Services unit during the fourth quarter. The company launched the network in November, saying the offering lets companies advertise to Western Union customers using company-owned channels, reach a worldwide audience, and connect with consumers when they are in a "commerce mindset." Meanwhile, many companies that want to scale their adoption of generative AI find a lack of operating, safety and governance standards. The PYMNTS Intelligence report "The Investment Impact of GenAI Operating Standards on Enterprise Adoption" found that 91% of organizations using generative AI for high-impact tasks and complex applications that directly affect business outcomes are apprehensive about the side effects of generative AI on sensitive company-wide data. "AI adoption in enterprise procurement has been incremental, often confined to specific functions such as contract analytics or fraud detection," PMNTS wrote Monday. "However, [generative AI's] ability to generate insights, automate negotiations and optimize supplier management necessitates a holistic framework that extends beyond traditional AI governance models."

Western Union forms strategic partnership with HCLTech to transition to an AI led platform operating model

HCLTech and Western Union to set up a new India-based technology center to foster innovation HCLTech and Western Union announce a strategic partnership to drive innovation and transformation in the financial services industry. The strategic partnership establishes HCLTech as Western Union's largest preferred partner as they collaborate to: (i) Transition to a platform operating model: Western Union will leverage HCLTech's AI-powered solutions, FENIXAI and AI Force, to accelerate Western Union's transition to a platform-centric operating model, enabling greater agility and scalability. (ii) Accelerate platform and channel transformation: Western Union will harness HCLTech's cutting-edge digital, cloud, and AI solutions to enhance platform and channel capabilities, delivering seamless and innovative customer experiences. HCLTech will support data driven decision making and increased resilience through enterprise-wide infrastructure transformation. (iii) Leverage expertise in digital engineering: HCLTech's proven track record in digital engineering will accelerate Western Union's work to reimagine its technology landscape, implement full stack observability and automation, increase efficiency through AI-assisted methods, and ensure robust and future-ready solutions. (iv) Expand technology footprint in India: Western Union, in collaboration with HCLTech, will establish an advanced technology center in Hyderabad, India. This will further enhance Western Union's global technology capabilities and create new opportunities for innovation and talent development. Devin McGranahan, President and Chief Executive Officer of Western Union, added, "Our collaboration with HCLTech is a testament to our shared vision of delivering exceptional value to our customers. HCLTech's expertise will help us fulfill our mission to make world-class financial services accessible to people everywhere." C Vijayakumar, CEO and Managing Director of HCLTech, said, "This strategic partnership emphasizes our focus on empowering fintech companies through digital engineering led transformation and creating exceptional value for their stakeholders. We remain deeply committed to Western Union's growth journey through innovative solutions that deliver real business outcomes." This partnership reflects the shared values and vision of HCLTech and Western Union, as they work together to supercharge progress and create a lasting impact for our strategic clients. About Western Union The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments -- across more than 200 countries and territories and over 130 currencies -- to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com. About HCLTech HCLTech is a global technology company, home to more than 220,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG and Public Services. Consolidated revenues as of 12 months ending December 2024 totaled $13.8 billion. To learn how we can supercharge progress for you, visit hcltech.com.