Private sector lender Yes Bank has collaborated with mobile payments switch TerraPay to ensure real-time money transfer to bank accounts in India.This feature by TerraPay’s global clearing and settlement service, the collaboration will make it faster and convenient for the consumers to send money to any bank account.
This feature by TerraPay’s global clearing and settlement service, the collaboration will make it faster and convenient for the consumers to send money to any bank account.
TerraPay has partnered with YES Bank in a Rupee Drawing Arrangement that enables TerraPay’s network partners to make instant cross-border money transfer to bank accounts in India.
This service enables Indian migrants across the world to walk into TerraPay’s partner outlet anytime and send money to their family and friends back home, instantly in their bank account.
For account holders other than YES Bank, the bank will disburse funds using the immediate payment service, popularly known as Immediate Payment Service(IMPS). The service is available 24X7.
“India is the world’s largest recipient of remittances. According to World Bank reports, Indian migrants sent $62.7 billion in FY 2016-17, which is in fact greater than FDI inflows to India. These remittance inflows from Indian diaspora community have contributed immensely to the macro and micro-economic development of the country. Our partnership with Yes Bank would help the migrants by providing a real-time, 24X7 and seamless money transfer service experience,” said Ambar Sur, Founder & CEO of TerraPay.
“This 24×7 service is backed by Yes Bank’s API Banking platform and superior security protocols, and will help boost granular FX inflows into India,” said Arun Agrawal, Group President and Global Head, international banking, YES Bank.