Service aimed at benefitting accounts opened under Jan DhanYojana
MUMBAI, June 15, 2015--The Western Union Company (NYSE: WU), a leader in global payment services, has strengthened its international direct-to-bank transfers with a partnership with YES Bank, one of India's largest private-sector banks. The direct-to-bank service facilitates 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.
The direct-to-bank service is a fast, reliable and convenient money-transfer facility with fees starting as low as Zero and transfers as quick as in a few minutes. Western Union is the first global money-transfer company to offer direct-to-bank services from retail agent locations and online through its website- www.westernunion.com,in over 16 countries.
YES BANK has innovated upon its existing platform and has custom made a differentiated workflow to orchestrate the crucial last mile connectivity in this process flow. The solution tailored by the Bank also ensures maximum security in the transmission of financial data from Western Union to YES BANK and vice versa.
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. This association with YES BANK is a testament to our commitment to uphold our promise to continually enhance convenience and choice for our customers. 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.”
Rana Kapoor, Managing Director and CEO of Yes Bank said, “YES BANK has since inception leveraged Innovation and Technology in Payments to boost financial inclusion in India. 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.”
Customers can also use their debit or credit cards to transfer money through www.westernunion.com.
Western Union services are available at more than 111,000* agent locations in India. Western Union has transactional websites in over 25 countries and a mobile app in the US and Australia to send money globally to 200 countries and territories.
For more information on Western Union’s global capacities, including online, mobile money transfer, account-based options and retail agent locations, please visit www.westernunion.com.
*on March 31, 2015.
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, OrlandiValuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and buy money orders. As of March 31, 2015, the Western Union, Vigo and OrlandiValuta branded services were offered through over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving US$85 billion of principal between consumers and 484 million business payments. For more information, visit: www.westernunion.com.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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