India private sector lender Yes Bank has partnered with Western Union to boost its international direct-to-bank remittances.
The partnership will enable consumers in the US, UK, Canada, Australia and many other countries, to send money directly to more than 900 million bank accounts in India.
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Yes Bank managing director and CEO Rana Kapoor 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.
"Inward Remittances under RDA – Rupee Drawing Arrangement are a crucial component of India’s GDP, and we are certain that YES BANK relationship with WU will significantly boost further granular FX inflows into India."
Western Union president and CEO Hikmet Ersek said: "I am confident that services like the Western Union international direct-to-bank offering will encourage greater use of banking accounts and boost the government’s progressive efforts like the Jan DhanYojana."
The direct-to-bank service is facility that allows money transfers to bank accounts in India, through the NEFT as well as IMPS clearing systems with fees starting as low as zero and transfers as quick as in a few minutes.
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