IndusInd Bank and Western Union Announce Partnership to Bring Global Foreign Exchange Payments to Small Businesses in India
12 6월 2013 - 9:30PM
Business Wire
Western Union Business Solutions, a unit of the Western
Union Company, announced that it has partnered with IndusInd Bank
Limited to bring its technology platform for making global business
and foreign exchange payments to the doorsteps of small and
medium-sized enterprises (SMEs) in India.
“Small and medium-sized enterprises are essential to India’s
economy,” said Raj Agrawal, President, Western Union Business
Solutions. “There are nearly 30 million Indian SMEs that make a
significant contribution to the country’s GDP. This arrangement
will not only bring improved access to foreign exchange products
for SMEs but will also increase the ease and efficiency with which
they trade with their global partners.”
IndusInd Bank has also signed up two of Western Union’s
largest agents, Weizmann Forex Ltd and Paul Merchants Ltd, as
referral agents to help market the service in India. The service
will launch at select Paul Merchants Ltd. and Weizmann Forex Ltd.
Western Union locations in 22 cities across the country and aims to
provide doorstep service to clients.
Customers will be able to request a visit from a trained
representative of Paul Merchants Limited or Weizmann Forex,
allowing them to book a cross-border transaction from their home or
office. This service will be offered under license by IndusInd Bank
and will be particularly valuable for small businesses that
currently need to commit resource and travel time to arrange
payments for international suppliers. Additional benefits
include:
- Efficient processing and payment
reconciliation, ensuring all parties know when funds will be
delivered;
- Transparent pricing and increased
payment visibility so that clients know the exact amount of funds
the recipient will receive;
- Automatic email notifications to both
sender and receiver upon a transaction being booked;
- A wide selection of currencies powered
by Western Union Business Solutions’ global payment infrastructure
with over 100 currencies expected as the service expands.
“While the larger businesses often manage to get the best deals
for their cross-border payments, it has been seen that the SME
segment does not always get the same level of services. We are
confident that this technology offering will help us bring stronger
service to support Indian SMEs,” said Ramesh Ganesan,
Executive Vice President, IndusInd Bank Limited.
Western Union Business Solutions enables companies and
organizations of all sizes to send and receive global business
payments and manage foreign exchange, creating unique solutions
tailored to meet their individual needs. It is a business unit of
the Western Union Company (NYSE: WU), a leading nonbank provider of
cross border payments, and offers services through locally licensed
affiliates in over 30 countries. Supported by a network of trading
offices, strategic banking relationships and a global clearing
network, businesses can send cross-border payments in more than 135
currencies. © 2013 Western Union Holdings, Inc. All rights
reserved. www.business.westernunion.com
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
December 31 2012, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of
approximately 510,000 agent locations in 200 countries and
territories. In 2012, The Western Union Company completed 231
million consumer-to-consumer transactions worldwide, moving $79
billion of principal between consumers, and 432 million business
payments. For more information, visit www.westernunion.com.
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the
needs of both consumer and corporate customers. Its technology
platform supports multi-channel delivery capabilities. As on March
31, 2013, IndusInd Bank had 500 branches, and 882 ATMs spread
across 358 geographical locations of the country. The Bank also has
representative offices in London and Dubai.
The Bank believes in driving its business through technology. It
enjoys clearing bank status for both major stock exchanges - BSE
and NSE - and major commodity exchanges in the country, including
MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included
in the NIFTY 50 benchmark index. IndusInd Bank also offers DP
facilities for stock and commodity segments.
RATINGS:
ICRA AA for Lower Tier II subordinate debt program by ICRA and
ICRA AA- for Upper Tier II bond program by ICRA. CRISIL A1+ for
certificate of deposit program by CRISIL. CARE AA for Lower Tier II
subordinate debt program by CARE. Ind AA- for Upper Tier II bond
program by India Ratings and Research and Ind A1+ for Short Term
Debt Instruments by India Ratings and Research. For more
information visit www.indusind.com.
WU-G
Western UnionKristin Kelly,
+1-720-332-4751kristin.kelly@westernunion.com
Western Union (NYSE:WU)
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