• Zed Team

Comparing Payment Orchestration Platforms: ZED VS WUBS

Updated: Nov 13

If you are a company that works with multiple partners and has clients worldwide, you already know that you need a comprehensive payment orchestration solution. With the increased regulations and bureaucracy surrounding international money transfers, the need for fast, effortless, and complete payment orchestration has now become a cornerstone for success worldwide. Whether you are an e-commerce platform with customers scattered around the globe or a FOREX brokerage firm that regularly handles tonnes of foreign currency, finding the right solution can be challenging.

With so many different payment orchestration platforms and service providers, you would be hard-pressed to find one that fits your needs. After hours of research, you might even start to think that all look the same. But don’t worry. We here at the Zed Network aim to make your life that much easier. Zed is a payment orchestration platform that provides market-leading payment orchestration solutions to businesses from a wide range of companies.

We work with FOREX and CFD trading platforms and brokerage firms, Legaltech companies, Fintech companies, and many other financial institutes that need specialized payment orchestration to fit seamlessly within their operation and ensure maximum efficiency. But we wouldn’t be surprised if you haven’t heard of us. We are relatively new compared to some of our competitors who have been in business for more than a century. However, age is never a factor when judging quality, and that’s what we will try to show you today.

We will compare Zed’s payment orchestration services with Western Union Business Solutions’Solutions’ payment orchestration services in the following passages. We aim to showcase our capabilities in providing you with the right payment orchestration at any scale. But before we dive into talking about the services, let’s first check out why you actually need a top-notch payment orchestration layer, so let’s begin!

Why You Need A Payment Orchestration Solution?

According to Zed Founder and entrepreneur Alan Safahi, there is a wide range of reasons why you need to get a comprehensive payment orchestration solution for your company. It is especially the case when you want to be the leading authority in your sector in new markets and the domestic market. Here are some significant reasons why you need a comprehensive payment orchestration solution:

  1. The best payment orchestration platform will ensure for every region you operate in. Meaning, you will have a faster go-to-market timeframe than usual.

  2. There are local and international mandates you have to think about when expanding to new regions. There are contractual obligations with different region-specific payment providers. Having the suitable payment orchestration layer will ensure you get to choose which payment solution to integrate freely. Meaning you will have better negotiation ability when finalizing pricing, and it helps you out with testing before implementation.

  3. It helps you become more efficient. Payment orchestration and processing is a resource-intensive endeavor. There are always many moving parts, and instead of managing a complex payment infrastructure, you can focus more on operations.

  4. A payment orchestration layer is just that it orchestrates between many components under a massive payment ecosystem. The omnichannel approach lets you test and adds providers and methods on the fly while also simplifying the entire payment value chain.

  5. POP is a cost-efficient option than developing and running an in-house payment engine. You have to make sure you a setup in place that will be able to provide. Seamless customer experience, minimizing transaction costs, handling security concerns while implementing payment routing, reconciliation, and reporting. It requires plenty of hours spent, and it will cost a pretty penny. By simply working with a payment orchestration platform, you will be able to save a massive chunk of money, enabling you to take redirect funds on growth.

  6. POPs work as an added layer of security that enhances the customer experience. However, make sure you choose one with all the latest security compliances and industry-standard practices.

So there you go, those the most important reasons why you need a payment orchestration platform. As you can see, partnering up with a payment orchestration platform is the best option. But which one to choose? Well, now we will compare both Zed and Western Union Business Solutions. Let’s check it out!

Western Union Business Solutions

The name Western Union has been synonymous with money transfer for more than one hundred sixty-nine years ago. It started as a simple of moving money and aiding people across the globe and has now blossomed into one of the best ways to send money. Western Union Business Solutions, or WUBS, was established in 1980 and provided all sorts of businesses with fast, cost-effective payment solutions and customized cash management strategies.

Western Union Business Solutions - ZED Network

With WUBS, you will have an extensive global network spanning 200 countries/territories and 130 currencies. Along with the payment orchestration infrastructure, you get a skilled team of financial specialists, and we also provide support, market insight, and risk management consultations. WUBS offers comprehensive solutions, although they might not be everyone’s cup of tea.

The Zed Network

From the humble beginnings at ZipZap, a P2P remittance company came the idea for the Zed Network. According to Alan, ZipZap was created to be a simple and affordable solution. What started out as a simple search to find a simple solution for lowering remittance costs turned into a drive to help Money Transfer Operators (MTOs) build efficient platforms that will significantly increase their output. After researching the entire sector, we found three main areas where we could help MTOs. First, they needed simple banking, cash flow, and technology issues. One of the significant problems that MTOs, FOREX & Cryptocurrency trading platforms, Fintechs, Legaltechs, and corporations face scaling matters followed by the seamless integration of dozens of corridors for sending and receiving payments. 

You can start partnering up with payout partners, but it will take 6-12 months, and then the technology for integrating comes, and that usually takes another few months. So the team started to find solutions, and the first thing team did was we partnered up with AEFX to create an API solution that allows merchants to connect to the same vast global payment network of large MTOs and trading platforms with much better rates. The focus of the company has always been service. It has domestic and cross-border payment acceptance (collections) and payouts (disbursements) with solutions that help clients avoid directly integrating with multiple payment processors, managing various platforms, and ingesting non-standardized reporting files.

The primary purpose of creating this payment orchestration and processing platform is to aid FX trading platforms. Fintech & LegalTech companies, MTOs, and multinational corporations have a seamless payment platform where all their payment needs are under one umbrella. The mission is to liberate foreign exchange transactions, remove the opacity, hidden fees, and complexity that has traditionally plagued them, and significantly improve cross-border payments to minimize costs and make them simple, user-friendly. Transparent Zed forges on in its path.

ZED Network Vs Western Union Business Solutions

So now that you know both the companies, we can get into the comparisons. We are going to compare the Zed Network’sNetwork’s comps, features, and support to WUBS”. We’ve selected key components and metrics that ensure all the bases are covered in payment processing domestically and internationally. There are six different criteria that we will compare to see how Zed compares to a leading name in the industry. Here they are:

  1. Coverage

  2. Payment Options

  3. Licenses / Compliance

  4. Technology

  5. Cost

  6. Other Aspects

Those are the criteria set for today’stoday’s comparison. So without further delay, let’s check out how the two payment orchestration platforms fair against each other.

Coverage

The best payment orchestration platforms will provide you with comprehensive international coverage. It can be beneficial before taking up the service. So what to look for when it comes to coverage? Well, things like available currencies, countries for acceptance and payout, liquidity or inventory, and settlement time are crucial metrics to check out when choosing a payment orchestration platform provider. To make things more transparent, here is a side by side comparison for Zed Network and WUBS when it comes to coverage:

Zed NetworkWestern Union Business SolutionsAvailable currencies150+130Countries for acceptance100+50+Countries for Payouts200+200Liquidity/Inventory – Majors HighHighLiquidity/Inventory – ExoticsHighHighSettlement Time – Exotics1-2 days1-2 days

Payment Options

Payment options are vital, and there is no reason for you to get one without checking out what you are getting into. The entire world economy thrives on seamless transactions, and businesses with a wide range of payment options grow sustainably. Here is a side by side comparison of payment options offered by Zed Network and Western Union Business Solutions:

Zed NetworkWestern Union Business SolutionsBank TransfersYes (B2B & B2C)Yes (B2B & B2C)Credit CardsYes (B2B & C2B)NoMobile WalletYes (B2C and C2B)NoCash NetworkYes (B2B & B2C)Yes (B2B & B2C)

Licensess / Compliance

Knowing where you can conduct your business is a vital part of running a truly global operation. Here are the licenses and compliance for both companies for you to check out:

Zed NetworkWestern Union Business Solutions Jurisdictions for client onboardingAU, CA, EU, NZ, SG, UK, U.S. AT, AU, CA, CH, CZ, DE, FR, HK, IT, JP, MT, NZ, PL, SG, U.K., U.S.

Technology

The technology used should be comprehensive while also being intuitive and easy to use. Here what you can expect from both the companies when it comes to technology:

Zed NetworkWestern Union Business SolutionsTech friendly API documentsYesNoWhite Label solutionYesNoAPI for compliance/risk managementYesNoAPI for loyalty/rewardsYesNo

Cost

You of all people should have some ideas about the cost you need to. With the right platform, you can make a profit by running your business and. Here are the costs involved for both the companies:

Zed NetworkWestern Union Business Solutions FX Rates (above mid-market rate)Highly CompetitiveNot CompetitiveMonthly Fee$100-$1,000N/ATransaction Fees$0.25High

Other Aspects

A payment orchestration platform should offer everything. These metrics will help you take your business to the next level. Here some of the elements being compared for Zed Network and Western Union Business Solutions. So check them out:

Zed NetworkWestern Union Business SolutionsNumber of clients served35,000+60,000+Client ownershipYouWUBSPayments experienceHighHighCompliance experienceHighHigh“Good Funds” credit facilityYes (subject to approval)Yes (subject to approval)

Benefits Of Using The Zed Network

So there you, those are the criteria on which both The Zed Network and the Western Union Business Solutions. Now, the comparison does clear things, and as you can see, there are plenty of things to consider when choosing the best payment orchestration. However, the Zed Network offers a lot more, and there are benefits too. So let’s check out the benefits of the Zed Network.

  1. More liquidity (both majors and exotics)

  2. More immediate access to the inventory of exotic currency

  3. Comprehensive compliance and risk management tools

  4. The better price due to larger scale

  5. No monthly minimum commitment

  6. No exclusivities nor long term contracts with “lock-ins.”

  7. Access to multiple payment options (Mobile wallet, Cash, Cards, and Real-Time Payments) with one API integration.

Now, that about wraps up the Zed Network vs Western Union Business Solutions. Remember, you don’t need to get overly complicated platforms with hidden charges. It would be best if you got a payment orchestration platform provider with versatile options and seamless integration. So choose wisely. If you want to know more about Zed or have payment orchestration and processing-related questions, then please contact us or let us know in the comments below. Also, hit us up on our socials and send in your thoughts and suggestions to improve our services to better cater to your needs. And with that being said, that’s about all we have for you today. We will come back with something new for you soon. Until then, see ya!

0 views0 comments