Western Union, Consumer Portfolio Service and VeriSign Team to Offer Mobile Bill Payment Solution

Englewood, Colo. – The Western Union Company (NYSE: WU), together with Consumer Portfolio Services Inc. (CPS) and VeriSign’s Messaging and Mobile Media Division (NASDAQ: VRSN), today announced a pilot project enabling CPS customers to trigger their monthly car payment directly from their mobile phone.  Unlike mobile payment services that direct the consumer to a website or interactive voice response system (IVR), the new service allows consumers to quickly and easily initiate their payment using their phone’s text messaging service based on debit or credit card information entered online.

According to Javelin Strategy and Research, approximately 58% of the adult population currently uses the text function on their mobile phone.  As adults continue to increase their adoption of text messaging and more text message users adopt mobile banking, an opportunity has emerged for text-based bill payment.  Western Union, a leading provider of bill payment services, and VeriSign, a leader in mobile messaging and mobile banking, have teamed with CPS to pilot a solution that offers convenience and ease of use to the wired consumer.

Here’s how it works:

• CPS customers sign up for the Western Union Bill Alert Text Message service online at http://www.consumerportfolio.com/ or by telephone at 888-469-4520
• The customer enters his CPS account number, mobile phone number and debit account information
• Once the consumer has confirmed enrollment, monthly alerts are sent through VeriSign, detailing the payment amount due
• The consumer submits his payment approval by texting “YESCPS” directly through the mobile device initiating a Western Union® Speedpay® transaction
• Western Union processes the payment which is then credited to the customer’s CPS account
• Consumers can end their participation in the program at any time by texting “STOP”

“The cell phone has become one of the world’s most widely used accessories, and text messaging is fast becoming one of its most frequent uses,” said David Shapiro, senior vice president, Western Union Payment Services.  “As consumers have become more and more dependent on their phones, they have also raised their expectations with regard to functionality.  The on-the-go consumer is looking for convenient ways to manage the business of living so it seems only natural to marry the necessity of paying bills to the convenience of texting via cell phone. As an experienced and trusted provider of bill payment services, Western Union is well positioned to play a leading role in this segment of the market.”

“At CPS, we want to make the process of making your auto loan payment as quick and convenient as possible,” said Chris Terry, senior vice president of Servicing, CPS.  “That’s why we are excited about the possibilities presented by this pilot program.  Instead of having to call an IVR, find a computer or navigate through their phone’s web browser, consumers can simply initiate a payment directly from the reminder text they receive each month from CPS.  Because the consumer has already signed up for the program, there is no need to provide sensitive financial information via text.  You simply text YESCPS and you’re done.”

The pilot program will run for approximately three months, at which time it will be evaluated for further rollout.  Consumers interested in participating in the program should visit consumerportfolio.com .

“Mobile banking and payment services have reached a global tipping point,” said Michael Campbell, senior vice president, worldwide sales and marketing, VeriSign Messaging and Mobile Media. “Now that it has, it is critical to make it easier to use so it continues to flourish. That’s what VeriSign, Western Union and CPS have partnered to do.”