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API technology enables real-time banking for Foreign Inward Remittances

Author - YES BANK

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

Highlights

  • Real-time banking enabled for Foreign Inward Remittances of Western Union by leveraging Immediate Payment Service (IMPS).
  • Inward remittances worth more than USD 200 million enabled in 6 months
  • API banking enabled solution has led to 24x7 efficient payments management

What was the Need for Innovation?

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.

YES BANK's Innovative API Banking Solution

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.

Impact of the Solution

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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Reach Out To Us

If you have ideas for collaboration or would like to know more about YES BANK's digital solutions, write to us at techforchange@yesbank.in

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