La Compañía Western Union (WU): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros globales, Western Union se erige como un jugador fundamental que navega por un intrincado panorama de transferencias internacionales de dinero. Este análisis integral de mortero revela la compleja red de desafíos y oportunidades que dan forma a las decisiones estratégicas de la compañía a través de dimensiones políticas, económicas, sociológicas, tecnológicas, legales y ambientales. Desde las tensiones geopolíticas hasta la transformación digital, Western Union demuestra una notable adaptabilidad en un mercado global en constante cambio, atendiendo a millones de clientes que confían en su conectividad financiera transfronteriza crítica.

The Western Union Company (Wu) - Análisis de mortero: factores políticos

Opera en múltiples países con diferentes entornos regulatorios

Western Union opera en más de 200 países y territorios, con paisajes regulatorios complejos en diferentes regiones.

Región	Número de países	Complejidad regulatoria
América del norte	2	Moderado
Europa	44	Alto
Asia Pacífico	48	Muy alto
América Latina	32	Alto
Medio Oriente/África	74	Extremadamente alto

Sensible a las políticas y sanciones internacionales de transferencia de dinero

Áreas clave de cumplimiento:

• Regulaciones contra el lavado de dinero (AML)
• Requisitos de financiamiento contra el terrorismo (CTF)
• Cumplimiento de sanciones económicas internacionales

Tipo de sanción	Costo de cumplimiento (anual)	Impacto regulatorio
OFAC Sanciones	$ 45.2 millones	Alto
Sanciones financieras de la UE	$ 32.7 millones	Moderado

Navega por tensiones geopolíticas complejas que afectan las remesas transfronterizas

Los desafíos geopolíticos impactan la dinámica de transferencia de dinero en las regiones clave.

• Tensiones comerciales entre Estados Unidos y China
• Conflicto ruso-ucraína
• Inestabilidad política de Medio Oriente

Se adapta a las regulaciones cambiantes de inmigración y transferencia de dinero a nivel mundial

Estrategias de adaptación regulatoria:

• Monitoreo de cumplimiento continuo
• Integración de tecnología regulatoria en tiempo real
• Expansión del equipo legal global

Métrica de adaptación regulatoria	2024 inversión
Tecnología de cumplimiento	$ 78.5 millones
Expansión del departamento legal	$ 22.3 millones
Capacitación regulatoria	$ 15.6 millones

The Western Union Company (Wu) - Análisis de mortero: factores económicos

Vulnerable a las fluctuaciones económicas globales y los tipos de cambio de divisas

Ingresos anuales de 2022 de Western Union: $ 4.55 mil millones. Ingresos netos para 2022: $ 509 millones. La volatilidad del tipo de cambio de moneda afecta directamente los flujos de ingresos.

Año	Ingresos totales	Impacto en cambio de divisas
2022	$ 4.55 mil millones	-3.1% Impacto negativo
2023	$ 4.37 mil millones	-2.8% de impacto negativo

Depende de las condiciones económicas en el envío y recepción de los países

Volúmenes de remesas por región en 2022:

Región	Volumen de remesas	Porcentaje de total
América Latina	$ 1.65 mil millones	36.2%
Asia Pacífico	$ 1.22 mil millones	26.8%
Europa/CIS	$ 0.98 mil millones	21.5%
Medio Oriente/África	$ 0.60 mil millones	13.2%

Enfrenta la competencia de plataformas de pago digital y soluciones fintech

Cuota de mercado de transacciones digitales en 2022:

• Ingresos digitales de Western Union: $ 1.14 mil millones
• Porcentaje de transacción digital: 25.1% de los ingresos totales
• Tasa de crecimiento de la transacción digital: 12.3% año tras año

Ingresos influenciados por patrones económicos y tendencias de remesas de trabajadores migrantes

Tendencias de remesas globales en 2022:

Métrico	Valor
Remesas globales totales	$ 794 mil millones
Cuota de mercado de Western Union	5.7%
Valor de transacción promedio	$342
Número de transacciones	248 millones

The Western Union Company (Wu) - Análisis de mortero: factores sociales

Atiende a diversas poblaciones globales con necesidades financieras transfronterizas

Western Union opera en 200 países y territorios, con una base de clientes que abarca múltiples continentes.

Región	Porcentaje de transferencias de dinero global
América Latina	32.5%
Asia Pacífico	25.3%
América del norte	22.1%
Europa	15.6%
Medio Oriente/África	4.5%

Apoya a las comunidades inmigrantes y las conexiones financieras familiares internacionales

En 2023, Western Union procesó $ 83.4 mil millones En transferencias de dinero transfronterizas.

Corredores de remesas de inmigrantes clave	Volumen de transferencia anual
Estados Unidos a México	$ 37.7 mil millones
Estados Unidos a la India	$ 22.5 mil millones
Estados Unidos a Filipinas	$ 11.3 mil millones

Se adapta a las preferencias cambiantes de comunicación digital y transferencia de dinero

Transacciones de transferencia de dinero digital representadas 49.3% de las transacciones de la Unión Occidental total en 2023.

Plataforma digital	Porcentaje de usuario
Aplicación móvil	37.6%
Plataforma web	11.7%

Aborda la inclusión financiera para las poblaciones no bancarizadas y no bancarizadas

Western Union sirve 1.100 millones individuos no bancarizados y subancados a nivel mundial.

Región	Porcentaje de población no bancarizada atendida
África subsahariana	65.2%
Sudeste de Asia	47.3%
América Latina	38.6%

The Western Union Company (Wu) - Análisis de mortero: factores tecnológicos

Invertir mucho en transformación digital y soluciones de pago móvil

Western Union invirtió $ 113.7 millones en tecnología e innovación en 2022. Los canales digitales representaron el 31% de los ingresos totales de la compañía en 2022, por un total de $ 1.4 mil millones. Las transacciones de transferencia de dinero móvil aumentaron en un 24% año tras año.

Categoría de inversión tecnológica	Monto invertido (2022)
Desarrollo de plataforma digital	$ 67.2 millones
Soluciones de pago móvil	$ 32.5 millones
Infraestructura de ciberseguridad	$ 14 millones

Implementación de medidas avanzadas de ciberseguridad para proteger las transacciones financieras

Western Union procesó 242 millones de transacciones digitales en 2022 con un 99.97% Tasa de cumplimiento de seguridad. La compañía desplegó tecnologías de cifrado avanzadas que protegen más de $ 160 mil millones en transferencias anuales de dinero.

Métrica de ciberseguridad	Actuación
Tasa de prevención de fraude	99.85%
Sistemas de monitoreo de transacciones	Seguimiento en tiempo real las 24 horas, los 7 días de la semana,
Regulaciones de cumplimiento cumplidas	37 estándares internacionales

Desarrollo de IA y aprendizaje automático para la detección de fraude y el servicio al cliente

Western Union implementó sistemas de detección de fraude impulsados ​​por la IA que analizan 1,2 millones de transacciones por hora. Los algoritmos de aprendizaje automático reducen las transacciones fraudulentas en un 42% en comparación con los métodos de detección tradicionales.

Aplicación de tecnología de IA	Métricas de rendimiento
Precisión de detección de fraude	96.3%
Interacciones de chatbot de servicio al cliente	3.6 millones mensuales
Reducción del tiempo de respuesta	67% más rápido

Expansión de la billetera digital y las tecnologías de transferencia instantánea

Western Union lanzó servicios de billetera digital en 75 países, lo que permite transferencias instantáneas en 45 monedas. Las transacciones de billetera digital crecieron un 36% en 2022, alcanzando $ 890 millones en valor total de transacción.

Métrica de billetera digital	Rendimiento 2022
Países con billetera digital	75
Monedas admitidas	45
Crecimiento de transacciones	36%
Valor de transacción total	$ 890 millones

The Western Union Company (Wu) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones financieras internacionales

Western Union pagó $ 586 millones en asentamientos al Departamento de Justicia de los EE. UU. En 2017 por violaciones de la Ley de secreto bancario. La compañía opera bajo Regulaciones de negocios de servicios de dinero (MSB) En 200 países y territorios.

Jurisdicción regulatoria	Costo de cumplimiento (anual)	Cuerpos reguladores
Estados Unidos	$ 93.4 millones	Fincen, sec
unión Europea	$ 62.7 millones	Autoridad bancaria europea
Cumplimiento global	$ 156.1 millones	Múltiples reguladores

Requisitos contra el lavado de dinero (AML) y Know-Your-Customer (KYC)

Western Union mantiene Infraestructura de cumplimiento extensa con 6.700 personal de cumplimiento dedicado. En 2022, la compañía procesó 242 millones de transacciones de los clientes mientras se evaluó contra 1,2 millones de listas de vigilancia.

AML métrica	Rendimiento 2022
Informes de actividad sospechosos archivados	48,300
Sistemas de monitoreo de transacciones	Proyección de IA en tiempo real
Inversión de cumplimiento	$ 124.6 millones

Navegación por ley de privacidad de datos

Western Union cumple con GDPR, CCPA y 27 marcos internacionales de protección de datos. La compañía invirtió $ 43.2 millones en infraestructura de seguridad de datos en 2023.

Desafíos del mercado regulatorio global

Western Union gestiona las complejidades legales en múltiples jurisdicciones, con Licencias activas en 200 países. Los costos de cumplimiento regulatorio representan el 4.7% de los gastos operativos anuales de la Compañía.

Región	Índice de complejidad regulatoria	Desafío de cumplimiento
América del norte	8.3/10	Regulaciones financieras estrictas
unión Europea	9.1/10	GDPR y directivas financieras
Asia-Pacífico	7.5/10	Diverso paisaje regulatorio

The Western Union Company (Wu) - Análisis de mortero: factores ambientales

Implementación de soluciones digitales para reducir las transacciones en papel

Western Union informó que las transacciones digitales representan el 50.4% de las transacciones totales en 2022, lo que representa un aumento del 22.5% de 2021. Los ingresos por transferencia de dinero digital alcanzaron $ 1.2 mil millones en 2022, reduciendo los volúmenes de transacciones basados ​​en papel.

Año	Porcentaje de transacción digital	Ingreso digital
2021	41.2%	$ 980 millones
2022	50.4%	$ 1.2 mil millones

Centrarse en las prácticas comerciales sostenibles y la reducción de la huella de carbono

Western Union se comprometió a reducir las emisiones de carbono en un 30% para 2030. Las emisiones totales de gases de efecto invernadero de la compañía en 2022 fueron 68,500 toneladas métricas CO2 equivalentes.

Tipo de emisión	2022 toneladas métricas CO2
Alcance 1 emisiones	3,200
Alcance 2 emisiones	45,300
Alcance 3 emisiones	20,000

Apoyo a los servicios financieros que promueven la sostenibilidad económica

Western Union invirtió $ 25 millones en programas de inclusión financiera en 2022, apoyando a los micro-emprendedores en 47 países. La Compañía procesó $ 7.3 mil millones en remesas a las economías en desarrollo.

Categoría de programa	Monto de la inversión	Países beneficiarios
Inclusión financiera	$ 25 millones	47
Remesas a las economías en desarrollo	$ 7.3 mil millones	100+

Invertir en tecnologías de eficiencia energética e infraestructura digital

Western Union asignó $ 42 millones para actualizaciones de infraestructura tecnológica en 2022, centrándose en centros de datos de eficiencia energética y soluciones de computación en la nube.

Inversión tecnológica	Cantidad	Áreas de enfoque
Actualización de infraestructura	$ 42 millones	Centros de datos de eficiencia energética, computación en la nube
Adquisición de energía renovable	$ 5.7 millones	Créditos de energía solar y eólica

The Western Union Company (WU) - PESTLE Analysis: Social factors

You're looking at the social landscape, and honestly, it's a mixed bag of enduring tailwinds and rapid consumer evolution that directly impacts The Western Union Company's core business. We need to map these shifts to your action plan, because what worked yesterday won't cut it today.

Resilient long-term demand from rising global migration and urbanization flows

Migration is still a major global driver, and that means a steady stream of people needing to send money home, which is the bedrock of The Western Union Company's business. Remittance inflows to developing countries remained strong, hitting nearly $700 billion in 2024, underscoring this vital need. To be fair, some recent data suggests a gradual slowdown in migration flows in 2025, possibly due to tighter immigration policies in major host countries like the U.S. Still, those tighter policies can sometimes prompt existing migrants to send more money back to bolster household savings, creating short-term resilience in remittance volumes.

Increasing financial inclusion globally reduces reliance on cash-based transfers

The world is getting banked, which is a double-edged sword for The Western Union Company. The World Bank's Global Findex Database 2025 shows that globally, 79% of adults had a financial account in 2024, up from 51% in 2011. In low- and middle-income economies, account ownership hit 75% in 2024. This means more people can use bank accounts or mobile money for transfers, reducing the need for a physical cash pickup at an agent location. However, we can't ignore the 1.3 billion adults still outside the formal system; they remain your core cash-based customer base for now. If onboarding takes 14+ days, churn risk rises.

Customer shift toward digital-first options challenges the vast agent network model

Customers are voting with their thumbs, moving toward digital channels for speed and convenience. The Western Union Company's Branded Digital business is showing this clearly: in Q3 2025, transactions were up 12%, even as overall Consumer Money Transfer transactions declined. This digital segment now accounts for 38% of all CMT transactions. Furthermore, payouts directly to accounts now represent over 50% of the principal moved digitally, which is a stickier relationship but puts pressure on the high-cost, high-footprint agent network model. The agent network is a massive asset, but its relevance for digital-native customers is definitely waning.

Consumer Services revenue grew 49% in Q3 2025, showing diversification success

The strategic pivot into non-core remittance services is paying off, which is excellent news for diversification. The Consumer Services segment revenue jumped a massive 49% in Q3 2025 compared to the prior year. This growth wasn't from traditional money transfer; it was fueled by the Travel Money business-which is expected to bring in around $150 million in revenue by 2026-and strength in the Argentina bill pay business. This segment now makes up about 15% of total company revenues. Here's the quick math on the recent performance drivers:

Metric	Value (2025 Fiscal Data)	Context
Consumer Services Revenue Growth (Q3 YoY)	49%	Reported and Adjusted Growth
Branded Digital Transaction Growth (Q3 YoY)	12%	Digital channel momentum
Branded Digital Share of CMT Transactions (Q3)	38%	Digital channel penetration
Total Company Revenue (Q3 2025)	$1.03 billion	Reported GAAP Revenue

What this estimate hides is the continued pressure on the core North America retail corridors, which offset some of this great progress in Q3. The success in Consumer Services shows The Western Union Company is successfully monetizing its existing customer base beyond simple P2P (person-to-person) transfers.

Finance: draft 13-week cash view by Friday

The Western Union Company (WU) - PESTLE Analysis: Technological factors

You're looking at a company in transition, trying to outrun the digital tide that's eroding its core business. The technology story for The Western Union Company right now is all about balancing legacy infrastructure with aggressive digital bets. It's a race to see if their new tech can scale faster than the competition can eat their lunch.

Digital Channel Acceleration

The shift is happening, even if the overall Consumer Money Transfer (CMT) segment revenue was down 6% in Q3 2025. The good news is that the branded digital channel is showing real traction. Branded Digital revenue grew by 7% in Q3 2025 on a reported basis. This segment now makes up 29% of the total CMT revenue base, which is a significant chunk of the business moving online. Also, the transaction growth was even stronger at 12%, suggesting customers are using the digital rails more frequently, which is exactly what you want to see for future monetization.

Here's the quick math on that digital mix:

• Branded Digital Revenue Growth (Q3 2025): 7%
• Branded Digital Share of CMT Revenue: 29%
• Branded Digital Transaction Growth (Q3 2025): 12%

What this estimate hides is that over 50% of that digital principal is now being paid out directly to an account, showing a clear customer preference for speed and convenience over cash pickup. That's a structural win for efficiency.

Pioneering Blockchain Settlement with USDPT

To truly disrupt the high-cost, slow settlement of traditional cross-border payments, The Western Union Company is making a bold move into digital assets. They announced plans for their own stablecoin, the U.S. Dollar Payment Token (USDPT), built on the Solana blockchain and issued by Anchorage Digital Bank. The goal here is clear: own the economics linked to stablecoins and drastically reduce friction and float time in transfers. They anticipate USDPT will be available in the first half of 2026. This is coupled with a Digital Asset Network designed to provide cash off-ramps for digital assets at their existing agent locations, effectively turning their retail footprint into a crypto-to-cash bridge.

Competitive Digital Growth vs. Internal Gains

The pressure from pure-play digital competitors remains intense. While The Western Union Company's digital revenue grew 7% in Q3 2025, the broader digital money transfer app market is expanding at a much faster clip, driven by fintechs offering lower-cost alternatives. If onboarding takes 14+ days, churn risk rises. We need to compare their internal digital success against the market they are fighting in.

Metric	The Western Union Company (Branded Digital Q3 2025)	Competitive Digital Market Proxy (Money Transfer Apps CAGR)
Growth Rate	7% (Revenue Growth)	18.5% (CAGR through 2032)
Transaction Growth	12%	N/A (Market-wide data)
Market Share Context	29% of CMT Revenue	Dominant growth driver in the sector

Still, The Western Union Company is leveraging its existing scale. Their decision to partner with Solana for speed and Anchorage Digital for regulatory compliance shows a defintely pragmatic approach to adoption.

AI for Efficiency and Defense

The Evolve 2025 strategy heavily leans on Artificial Intelligence to fight costs and fraud simultaneously. They are using AI where it matters-to do more, faster and smarter, across operations, marketing, and customer service. On the defensive side, this technology is crucial for enhancing fraud detection capabilities. In a landscape where fraudsters use generative AI to create convincing scams, The Western Union Company must deploy advanced machine learning models to analyze transaction patterns and behavioral biometrics in real-time. This focus helps reduce operational costs while improving the accuracy of flagging suspicious activity, which ultimately strengthens customer trust and helps maintain regulatory compliance.

Finance: draft 13-week cash view by Friday.

The Western Union Company (WU) - PESTLE Analysis: Legal factors

You are navigating a legal landscape that is getting significantly tougher, and frankly, the compliance costs are ballooning. The regulatory environment for global money movement is tightening its grip, making operational consistency across borders a major headache.

Global regulatory fines surged 417% in H1 2025, increasing compliance costs

The first half of 2025 was brutal for financial institutions on the compliance front. Regulators levied approximately 139 financial penalties globally, totaling $1.23bn between January and June 2025,. That figure represents a staggering 417% increase in the value of fines compared to the same period in 2024, when the total was only $238.6m,. This sharp rise signals that watchdogs are serious about enforcement, which directly translates into higher compliance spending for The Western Union Company just to keep pace.

The bulk of the penalty value, over $1.06bn, came from North American regulators, marking a 565% surge year-over-year,. This environment means that for every dollar you allocate to growth, you need to allocate more to defense.

AML/KYC (Anti-Money Laundering/Know Your Customer) compliance is defintely complex across 200+ countries

Operating in over 200 countries means The Western Union Company must satisfy a patchwork of Anti-Money Laundering (AML) and Know Your Customer (KYC) rules that are often contradictory or evolving at different speeds. This complexity is not theoretical; it leads to real penalties. For instance, the Financial Crimes Enforcement Network (FinCEN) recently hit The Western Union Company with a $184 million civil money penalty because the AML team lacked necessary data access from the fraud department.

Recent audits, like the one by AUSTRAC in Australia, exposed systemic vulnerabilities in The Western Union Company's customer due diligence and suspicious transaction reporting. These issues underscore that even with significant prior investment, maintaining a compliant posture across a massive global agent network is a constant, high-stakes battle.

Key AML/KYC compliance pressures include:

• Maintaining customer-level intelligence sharing across silos.
• Satisfying jurisdiction-specific reporting mandates.
• Adapting to new risk-based oversight requirements.
• Ensuring agent training meets evolving global standards.

New regulations on data privacy and cross-border data flows add operational risk

The movement of customer data across borders is now under a microscope, adding layers of operational risk to your existing compliance structure. In the U.S., a new Department of Justice (DOJ) Rule took effect on April 8, 2025, restricting the transfer of U.S. Sensitive Personal Data to entities connected to designated Countries of Concern,.

The financial penalties for violating this new rule are concrete and severe. Civil penalties can reach the greater of $368,136 or twice the transaction amount, and willful violations could result in a fine up to $1,000,000 and up to 20 years in prison.

This U.S. action mirrors global trends, such as the 2025 updates to GDPR tightening transfer rules and India's Digital Personal Data Protection (DPDP) Act, which requires adherence to RBI and SEBI rules for financial data,. Here's a quick look at how these data flow rules create friction:

Regulatory Factor	Impact on The Western Union Company Operations	Compliance Action Required
GDPR 2025 Updates	Pseudonymized data may still count as personal data if re-identifiable by recipient.	Re-evaluate cloud hosting and vendor data access controls.
US DOJ Rule (April 2025)	Prohibits bulk sensitive data flows to entities linked to specified 'countries of concern'.	Implement risk-based procedures for verifying data flows and parties involved.
India DPDP Act	Requires adherence to sectoral regulations (RBI/SEBI) for financial data transfers abroad.	Map all data flows outside India and confirm adequate safeguards are in place.

Regulatory scrutiny on digital assets is rising, impacting stablecoin development plans

While The Western Union Company is moving into digital assets, the regulatory environment for this space is highly charged. Digital assets firms accounted for some of the most significant penalties in H1 2025, with one crypto exchange paying over $504 million for AML program failures,. This shows that regulators are not giving new technology a pass.

The path forward for The Western Union Company's digital plans is now clearer, thanks to the passage of the U.S. GENIUS Act, which provided a framework for stablecoin issuance,. This clarity has allowed the company to move forward with testing stablecoin-powered settlement systems in its treasury operations. The plan is to launch a dollar-backed token on Solana in 2026,. You need to ensure that the compliance architecture for this 2026 launch is built from the ground up to meet the same, if not higher, standards as your fiat operations, especially given the current regulatory climate.

Finance: draft 13-week cash view by Friday.

The Western Union Company (WU) - PESTLE Analysis: Environmental factors

You're looking at The Western Union Company's environmental footprint, which, for a financial services firm, isn't about smokestacks but about real estate efficiency and indirect global impacts. Honestly, the direct operational impact is relatively small, but investor scrutiny on Environmental, Social, and Governance (ESG) factors is definitely ramping up, making this area a strategic necessity, not just a compliance chore.

Real Estate Footprint and Operational Efficiency

The Western Union Company shows a tangible commitment to green real estate, which helps manage operating costs and aligns with investor expectations. As of 2023 data, more than 30% of the company's employees were based in buildings certified under the Leadership in Energy and Environmental Design (LEED) system. This includes major hubs like the Denver headquarters and key operating centers in Vilnius, Lithuania, and Quezon City, Philippines.

The focus extends to waste management, where the company works with an e-Stewards certified specialist to handle outdated or broken electronic equipment responsibly. Plus, they are actively reducing physical waste; for instance, by optimizing printed retail remittance receipts in 2023, the company saved approximately 780 million inches of paper. That's a concrete win.

Here's a quick look at some of the environmental metrics we have:

Environmental Metric	Value/Status	Year of Data
Employees in LEED-Certified Buildings	Over 30%	2023
Paper Saved (Retail Receipts Optimization)	780 million inches	2023
E-Waste Management Standard	e-Stewards Certified Specialist	Ongoing
Overall Climate Risk Assessment	Moderate	2023

Indirect Climate Impact and Migration

The biggest environmental factor for The Western Union Company is indirect: climate change affects where people live and work, which in turn drives remittance flows. Climate-related disasters, alongside demographic pressures and regional conflicts, remain key drivers of migration into 2025. This means extreme weather events create volatility in the very corridors The Western Union Company serves.

The company's 2023 Climate Risks and Opportunities Assessment, aligned with Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, categorized its overall climate risk as moderate. What this estimate hides is the specific, localized disruption risk in key inbound markets, like the Philippines, which face physical risks from extreme weather.

The link is clear:

• Climate disasters drive migration patterns.
• Migration patterns dictate remittance sending volumes.
• Disruptions can strain agent locations and capital reserves.

Investor Scrutiny and ESG Reporting Demands

By 2025, investors are not accepting vague sustainability goals; they want data that acts as business intelligence. Institutional investors are being held accountable for the ESG risks in their own portfolios, so they demand structured, transparent disclosures from you. The Western Union Company is preparing for this, with its 2025 Investor Day scheduled for November 6, 2025.

To maintain investor trust and access to capital, The Western Union Company must show how its environmental stewardship links to financial performance. Investors want to see ESG indicators tied directly to core metrics, not just buried in a separate PDF report. If onboarding new digital services takes longer than expected, churn risk rises because customers expect speed and trust, which are tied to perceived corporate responsibility.

Finance: draft 13-week cash view by Friday.