TerraPay, a mobile payments switch on Wednesday announced its collaboration with Yes Bank to enable real-time international money transfers to bank accounts in India.
Powered by TerraPay's global clearing and settlement service, the partnership will make it faster and convenient for consumers to send money to any bank account.
"According to World Bank reports, Indian migrants sent USD 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 us do our bit for the migrants by providing a real-time, 24X7 and seamless money transfer service experience," said Ambar Sur, Founder and CEO, TerraPay.
TerraPay has partnered with Yes Bank in a Rupee Drawing Arrangement which enables TerraPay's network partners to make instant cross-border money transfer to bank accounts in India. This means that Indian migrants worldwide can walk into TerraPay's partner outlet anytime and send money to their family and friends back home, instantly in their bank account.
For bank accounts other than Yes Bank accounts, the bank will disburse funds using the immediate payment service, popularly known as IMPS, which is available 24X7.
"We are glad to partner TerraPay to enable a convenient, cashless remittance option for migrants looking to transfer money to India. This 24x7 service is backed by Yes Bank's state-of-the-art 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.
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