Comments
Global payment service provider Western Union tied up with mid-sized private lender Yes Bank for international direct-to-bank transfers. This will facilitate money transfers to bank accounts in India, through the NEFT as well as IMPS clearing systems.
“This collaboration with YES Bank will allow consumers in the US, UK, Canada, Australia and many other countries, to send money directly to more than 900 million bank accounts in India. Reflecting the Government of India’s focus to increase bank account penetration in the country through Jan DhanYojana and other such schemes, with this service Western Union is leveraging its global presence to facilitate the direct flow of remittances into bank accounts in India,” Western Union said in a statement.
Western Union’s President and CEO Hikmet Ersek said, “The direct-to-bank service has been very successful globally and extremely well received by the Indian diaspora, in particular, as it gives them choice in the way they send money back home, based on their use, need and convenience.”
Rana Kapoor, Managing Director and CEO, YES Bank, said, “Western Union’s international direct-to-bank services which will be backed by Yes Bank’s state-of-the-art security protocols, is a great example in banking payments technologies that enables a convenient cashless option for families and individuals who depend on remittance money.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.