The new payment system of Western Union incorporates YES BANK's API Banking. This has enabled USD 200 million of inward remittances (under Rupee Drawing Arrangement) into India within a span of 6 months and has led to 24x7 efficient payments management
Western Union faced difficulty in processing remittances in the desired time for its customers due to the detailed and complexed legacy systems. This affected the stickiness of customers to the company. Moreover, additional overhead costs was incurred due to the need for creating individual payment files for the transactions. Due to the high lead time in transaction processing Western Union was unable to leverage the available IMPS facility.
The API enabled solution enabled instant remittances directly from the Western Union’s platform - Automated Payment Network (APN). API integration enabled direct availability of IMPS service. The support system for the solution offered covered multiple time zones. Throughput increased for the company as the transaction processing was optimized.
The solution enabled seamless, secure straight through processing directly from the ERP of the company. Various control level checks such as Real-Time Anti-Money Laundering, OFAC name checks could be done. The Turnaround time reduced significantly to 3 minutes with zero settlement risk. The transactions were done in auto reconciliation mode with the facility of real-time status check for the transactions. The IMPS facility was now available for 24x7 remittance processing.
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