Latest news with #ZūmRails
Yahoo
2 days ago
- Business
- Yahoo
Western Union partners with Zūm Rails on real-time remittances
Western Union has joined hands with Zūm Rails, an all-in-one payments platform, to power money transfer from Canada to over 200 countries and territories across the globe. The collaboration integrates Zūm Rails' APIs with Western Union's network, leveraging the Interac e-Transfer system for 'real-time' remittances. Consumers can now make money transfers within seconds, with the advent of real-time payments and digital financial services. However, the speed of these transactions is contingent on the underlying payments rails technology that financial institutions adopt, Zūm Rails highlighted. Despite the availability of new technologies that enable real-time transactions, the process of integrating these systems into their existing frameworks can be resource-intensive, requiring investment in both time and compliance measures, the firm further outlined. Zūm Rails CEO Miles Schwartz said: 'Our work with Western Union reflects a larger trend across the payments industry, defined by real-time money movement as a non-negotiable service for consumers and enterprises alike.' 'Partnerships between traditional financial institutions and fintechs are proving to be a catalyst in accelerating this trend. Western Union is in a unique position to lead the industry forward, leveraging its technological innovation and its deep history in the cross-border remittance industry. We look forward to working with them to support their efforts in delivering an exceptional customer experience.' A recent survey by Interac, a provider of payment and digital information exchange services, revealed that nearly nine out of ten Canadians have utilised Interac e-Transfer. In the past 12 months, Canadians have used this service to move approximately $338bn, with the total reaching over $625bn since the onset of the pandemic. Furthermore, nearly half (49%) of the respondents indicated a growing usage of Interac e-Transfer during this period. Western Union Canada vice president of Digital and Ecosystem Ranjit Sarai said: 'Consumers should be able to send payments anywhere in the world at the same speed as they can with native peer-to-peer applications. Our work with Zūm Rails makes this a reality.' 'That is only part of what we have in store for Western Union customers as we work to bring a number of entirely new digital financial experiences to market, to complement the reliable service they've come to expect.' Recently, Jingle Pay, a fintech company based in the UAE, partnered with Western Union. This collaboration aims to facilitate international remittances into bank accounts and mobile wallets from selected markets. "Western Union partners with Zūm Rails on real-time remittances" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
4 days ago
- Business
- Finextra
Zūm Rails and Western Union Canada team on real-time cross-border payments
Zūm Rails today announced an agreement with Western Union to support fast and efficient money movement between Canada and 200 countries and territories worldwide. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Integrating Zūm Rails APIs into Western Union's network enables the company to drive real-time movement of funds for Western Union customers using Interac eTransfer. With Interac eTransfer, customers can instantly fund their money transfers in Canada, then send the money to anywhere in the world. With the rise of real-time payments and other digital experiences, consumers have become accustomed to sending and receiving money in seconds. However, speed is dictated by the payments rails technology integrated into a financial institution's network. While new options have emerged to facilitate transactions in real-time, building the technology to integrate these rails and supporting compliance protocols into their existing infrastructures requires significant time and resources. 'Our work with Western Union reflects a larger trend across the payments industry, defined by real-time money movement as a non-negotiable service for consumers and enterprises alike,' said Miles Schwartz, CEO at Zūm Rails. 'Partnerships between traditional financial institutions and fintechs are proving to be a catalyst in accelerating this trend. Western Union is in a unique position to lead the industry forward, leveraging its technological innovation and its deep history in the cross-border remittance industry. We look forward to working with them to support their efforts in delivering an exceptional customer experience.' A recent survey conducted by Interac found that nearly nine in 10 Canadians (88 per cent) have used Interac e-Transfer. Canadians continue to rely on this product to move $338 billion over the past 12 months, and over $625 billion since the pandemic began, with 49 per cent indicating that they have increased their use in this period. 'Consumers should be able to send payments anywhere in the world at the same speed as they can with native peer-to-peer applications. Our work with Zūm Rails makes this a reality,' said Ranjit Sarai, Vice President of Digital and Ecosystem at Western Union in Canada. 'That is only part of what we have in store for Western Union customers as we work to bring a number of entirely new digital financial experiences to market, to complement the reliable service they've come to expect.'
Yahoo
09-04-2025
- Business
- Yahoo
I'm a founder who moved from Canada to the US. I feel like a small fish in the American market, but I don't think that's a bad thing.
Miles Schwartz moved from Montreal to Miami to lead a US expansion for his business. Schwartz finds it easier to meet well-connected people in Miami compared to Montreal. He said it's harder to succeed in the competitive US market, but he likes feeling like an underdog. This as-told-to essay is based on a transcribed conversation with 34-year-old Miles Schwartz, CEO and founder of the fintech company Zūm Rails. The following has been edited for length and clarity. My business started at a kitchen table in my parents' house in Montreal. My cofounder and I publicly launched Zūm Rails — a payments company that helps businesses move money and provides them with tools to become banks themselves — in 2020. I initially wanted to build a business worth a couple of million and have enough to support my life and my family. I never expected to be crossing 75 employees like we are now. Our Series A last year raised 10.5 million CAD. The goalposts move when you start getting traction. In September 2024, I moved from Canada to Florida to lead a US expansion effort for Zūm Rails. I've found that the US market is much bigger and more competitive than it is in Canada, which puts us in better stead to become a unicorn company one day. The impetus to expand into the US came a few years ago when some of our large SaaS partners told us that they needed something like us in the US. These partners, who have a presence in both countries, said they'd definitely use us if we had a US presence. We started working on the expansion in 2022, and spent a couple of years on back-end work, like incorporating in the US. We initially hired a professional to help us expand. As time went on, the work felt too critical to delegate, and it was better for my CTO and I to move to Miami, where several fintech companies we'd connected with also had offices. I'm not one to overthink a decision. Within a few weeks of starting to consider the move, I found a place and secured an L1-A visa. I've been in Miami since September 2024. Since my previous fintech experience was based in Canada, scaling our operation in the US has been a learning curve. Right now, the majority of our team are based in Canada. Though we have coworking spaces in Canada and Florida, we've always been remote first. There are advantages of being in Miami instead of Canada. I wanted our existing clients to know we're commited to our US expansion. In terms of optics, I think people take you more seriously if you're based in the US. The fintech scene in Montreal wasn't as lively and none of our clients were based there. I'm always hosting clients here, which helps form deeper connections. I chose to live in an affluent area to meet potential business connections. It's like I'm at a country club or conference every day. I'm happier living in Miami, which makes me more efficient. I live near the beach, where I can swim and walk my dog. In Montreal, during the winter, the snow and cold made even simple things difficult. I haven't been back to Canada since I moved, but I plan to visit this summer. My goal is to bring my family to the US with me. I'm so focused on my work that I don't pay attention to political drama. Fortunately, Trump's tariffs don't affect us, but looking back, I think we moved at a good time. The US fintech ecosystem is bigger and more entrepreneurial than Canada's. Banks here want to innovate because it's a dog-eat-dog competition. Meanwhile, in Canada, there are five big banks that seem comfortable with their market share. Banks in the US are more excited to talk to us. I felt Zūm Rails was very well known in Canada, but in the US, I feel like a small fish. I like being the underdog. Making it in the US means you've really made it. But the competition does make it harder to succeed. You need to find a specific niche, which has been a learning curve for me. We're planning a big hiring push in the US, but our brand isn't big enough yet to attract the talent we need. We have a great Canadian team, but the US is more competitive. It's easier to get noticed in Canada if you build something amazing. If you're from Canada and know the gaps in the market, you have a huge leg up. If you're trying to build a smaller business, Canada's the best place to do it. They have government grants and some capital gains exemptions to benefit small businesses. But if you're trying to build a billion-dollar or 10-billion-dollar business, Canada's probably not the best place. I want Zūm Rails to be a unicorn. I feel like there's a clearer path now that we're in the US, but we'd have zero chance of doing that if we didn't move. In my experience, investors really care about US growth because they know the Canadian market can be limiting. Our Canadian business is great, but there's a ceiling to it. Do you have a story to share about moving countries for work? Contact this reporter at ccheong@ Read the original article on Business Insider Sign in to access your portfolio
