Money transfer leader Western Union has united efforts with Indian multinational IT company HCL Technologies (HCLTech), reversing the trend of remittance players using little to no AI.
Western Union and HCLTech have formed a strategic partnership, which made HCL Western Union’s largest preferred partner in matters of platform optimisation, AI-driven efficiency and cloud solutions.
The money transfer provider aims to leverage HCLTech’s industry-leading IT infrastructure capabilities to transform its legacy operating model into a platform-centric one. The firm plans to use HCLTech’s AI-powered solutions, FENIX 2.0 and AI Force to accelerate the transition and enable greater scalability.
FENIX 2.0 helps businesses with their digital makeover. It’s built with cloud-first principles, moving legacy systems to cloud platforms (AWS, Azure, Google Cloud, etc.) for better scalability. It helps companies revamp their core operations to keep up with the fast-paced digital world. The tool uses AI and machine learning to automate repetitive business processes, analyse business data, predict trends, and automate decisions.
It also supports microservices and API-driven approaches so that businesses can integrate new digital tools without disrupting existing operations. By focusing on areas like processes, people, business strategies, and user experiences, FENIX 2.0 ensures that organisations can roll out new digital solutions smoothly and stay competitive.
To complement the FENIX 2.0 utility, AI Force offers hands-on AI assistance for IT teams and developers. It can assist teams in writing, reviewing, and optimising code, generate code snippets, assist in debugging, as well as detect, diagnose, and fix IT issues in real-time.
HCLTech does not only provide technical tools but also consultancy services. It has a strong history of helping companies upgrade their technology. With their expertise, Western Union will be able to upgrade outdated systems to be faster and more flexible, improve monitoring processes, reduce manual work, speed up operations and make smarter decisions, all the while creating future-proof financial platform solutions.
The massive collaboration with the AI and cloud player makes Western Union one of the few remittance providers who actively and openly engage with this innovative technology. For a long while, remittance services either neglected vast AI capabilities, often limiting their innovation initiatives to typical customer service chatbots, or used select AI-driven automation tools for internal operations without overcomplicating the process with a full revamp.
Besides the systems revamp, the partnership with the local tech leader will help Western Union expand its footprint in India. The payment company will establish a cutting-edge technology centre in Hyderabad, India. This initiative will strengthen Western Union’s global tech expertise while fostering innovation and expanding opportunities for talent growth.
Additional focus on the Indian market is a win-win for the payment provider. Not only is India one of the global leaders in AI implementation, investments, and innovation, but also it has the world’s biggest remittance market. In 2023, India received over $125 billion in remittances, mostly sent back home by millions of Indians working abroad, especially in IT, healthcare, and construction. With such a massive remittance inflow, India’s financial sector benefits greatly, making companies like Western Union and HCLTech eager to innovate in this space.
“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.”
Devin McGranahan, President and Chief Executive Officer of Western Union
