NEW DELHI: Mobile payments switch TerraPay said that it has partnered 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,” a statement said.
“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,” it said.
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 24×7 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.”