The new unit will drive its strategic initiatives in three areas--consumer money transfer, business-to-business payments and new products and services, the company said in a statement. 
Westernunion.com, prepaid/stored value, and mobile money transfer will be within the Western Union Ventures business unit.
The Englewood, Colorado-based company also said that David Yates, its Executive Vice President of Business Development and Innovation will leave the company effective Sept. 30.