Accelerator Program To Encourage Payment and Global Money Transfer Projects
Techstars, in collaboration with Western Union, have come together to form an alliance for innovative payment and global money transfer projects. The former is a network that assists entrepreneurs learn the skills and knowledge to succeed while Western Union is a leader in cross-currency money transfers. The companies will work together to run a mentorship accelerator program and provide startup funding from its Colorado-based headquarters.
The president and Chief Executive Officer at Western Union, Hikmet Ersek, stated that the new program will focus on mentoring startups in Colorado by helping them test concepts and come up with innovative technologies that deal with consumer problems.
PWC has estimated that the biggest contributors to innovation are startups and small firms. For instance, in 2016 alone, $58.6 billion of funding went to over 4,500 startups in Colorado. Western Union wants to build on this momentum by exploring the industry’s challenges and opportunities. As such, Colorado boasts of being an innovation hot-spot. Western Union and Techstars are encouraging other companies in the industry to engage in activities that address customer-related issues such as fraud prevention, cross-border transaction processing, digital wallets and point-of-sale solutions. Enrollments for the Western Union Accelerator program will be accepted from December 3rd, 2018.
Such initiatives in Colorado have the potential to boost the state. Innovative projects will have a positive impact on the economy and quality of life for those in the area, while those outside of Colorado who decide to use the new products will benefit from more secure and streamlined transactions.