Western Union Co. increased its annual profit projection by 4% due to strong cross-border transactions in the second quarter.

The company’s C2C business grew 4% in the three months ended June 30, with migration to countries with better economic prospects being the main source of revenue.

The company estimates 2023 adjusted earnings per share of $1.65 to $1.75. The Iraqi business increased due to Central Bank of Iraq policy changes and inflation in Argentina.

Western Union anticipates Iraqi remittance flows to drop due to the US government’s dollar transaction ban.