- Indian migrants worldwide can now send money to their family and friends back home, instantly in any bank account.
New Delhi, India – 14 June, 2017 – 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 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.”
TerraPay, the world’s first mobile payments switch is a global transaction processing, clearing and settlement service for mobile wallets. It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 18 billion Mahindra Group. It is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of becoming “INDIA’s FINEST QUALITY BIG BANK by 2020”.
Global PR Manager