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YES Bank, Western Union in tie-up

YES Bank and the Western Union Company are partnering to offer direct-to-bank transfers, which ensures that remittances transfer to bank accounts in India through the NEFT as well as IMPS clearing systems. The collaboration will allow consumers of Western Union in the US, UK, Canada, Australia and other countries to send money directly to more than 900 million 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. YES Bank developed a system with a differentiated workflow to complete the crucial last mile connectivity in this process flow. The solution ensures maximum security in the transmission of financial data from Western Union to the 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, he said, is a testament to the company’s commitment to uphold its promise to continually enhance convenience and choice for its customers. Rana Kapoor, MD and CEO of Yes Bank said the direct-to-bank transfer is a great example in banking payments technologies that enables a convenient cashless option for families and individuals who depend on remittance money. Customers can also use their debit or credit cards to transfer money through Western Union.

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