Western Union Monday announced it will launch remittance services from across the world into Cuba following U.S. regulatory and policy changes that enable Cubans and non-Cubans to send remittances via Western Union to the island nation, according to a press release.

Western Union expects to activate services in a phased approach by end of second quarter 2016, according to the announcement.

"As the first U.S. company with scale to move money from across the world to Cuba, we welcome the regulatory and policy changes put in place by the U.S. government that allow us to offer these services," said Odilon Almeida, president of the Americas and European Union.

Western Union noted in the announement that cash remittances to Cuba in 2013 reached $2.8 billion with 90 percent originating from the U.S. Remittances reach 62 percent of Cuban households, sustain about 90 percent of the retail market and provide thousands of jobs, according to the announcement.

Funds moved by Western Union go directly from the sender to the receiver with no middle intervention, according to the announcement.

"This represents a powerful catalyst for empowerment and innovation. Our current movement of remittances from the U.S. to Cuba funds regular expenses and micro businesses, driving entrepreneurism, innovation and employment opportunities," Almeida said.

Recioients can collect their funds from more than 490 agent locations across each of Cuba's 16 provinces and 168 municipalities.