TerraPay signs YES BANK

TerraPay signs YES BANK
14.06.2017 12:00 pm

TerraPay signs YES BANK

Transaction Banking , Payments

TerraPay, the world’s first mobile payments switch, has partnered with YES BANK, India’s fourth largest private sector 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.

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, YES BANK will disburse funds using the immediate payment service, popularly known as IMPS. The service is available 24X7.

Ambar Sur, Founder & CEO of TerraPay commented, “India is the world’s largest recipient of remittances. 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.”

Arun Agrawal, Group President & Global Head, International Banking, YES BANK commented, “Since inception, YES BANK has leveraged innovation and technology to revolutionise the Banking experience in India. 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.” 

Related News

Brazilians tend to increase spendings on ecommerce after the pandemic, EBANX study shows

A research launched by EBANX, on the impacts of the COVID-19 pandemic on the ecommerce market in Brazil and the post-pandemic perspectives, brings in the results an intention... Read more »

StructureFlow officially launches, providing new way to “see” the law

StructureFlow, a tech start-up helping lawyers and finance professionals quickly and... Read more »

Mastercard: Contactless payments have become the “new normal” across the UK

As Mastercard reveal that 66 per cent of all transactions across the UK are now contactless, new research released today identifies consumer habits and viewpoints that mean... Read more »

DenizBank Uses OneSpan’s Mobile App Security Solution to Handle Doubling of Demand from COVID-19

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that leading Turkish... Read more »

Carbon launches its new Social Banking Service

Nigeria’s leading digital financial services company, Carbon (... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel