Western Union, Bank Albilad sign deal to offer ABMT

Western Union, a leader in money transfer and global payment services and Bank Albilad, one of the fastest growing banks in Saudi Arabia, have signed an agreement to launch Western Union's Account-Based Money Transfer (ABMT) service for the first time in the Kingdom. This service offering will enable all Bank Albilad account holders to send money domestically and internationally, through all banking channels.
Hatem Sleiman, Western Union’s regional VP for Saudi Arabia, Near East, Egypt, and Sudan, said: “Western Union has had a strong, long-standing relationship with Bank Albilad and we are extremely proud to further extend and strengthen it through this agreement to offer the Account-Based Money Transfer (ABMT) Service for the very first time in the Kingdom. The ABMT service is an integral part of our strategy to enhance the usage of electronic channels, as we strive to provide customers with more convenient ways of transferring money.”
“Under the leadership of its CEO, Bank Albilad strongly believes in customer service excellence, by understanding and catering to the needs of all segments of our valuable customers in the best way possible at lower costs. Over the years, technology has been widely adopted in the Kingdom for various purposes including banking and our customers are increasingly demanding the latest technological banking services and solutions. Our agreement to offer the Western Union ABMT Service is a step toward meeting these requirements and ensuring that our customers are the first to benefit from the latest innovations in retail banking,” said Sami Al-Rajhi, head of Bank Albilad’s remittance arm — Enjaz.
In 2010, remittances from Saudi Arabia amounted to SR 98.2 billion ($26.2 billion) and the World Bank has ranked the Kingdom as the world’s second largest remittance-sending countries behind the United States.