Private sector lender IndusInd Bank has tied up with Western Union Business Solutions, a unit of the Western Union Company, which will provide technology platform for effecting foreign exchange payments for small and medium enterprises (SMEs) in India.
The bank has further signed up two of Western Union’s licensed agents, Weizmann Forex and Paul Merchants, as referral agents to help market the service in the country, the company statement said.
The service goes live in 22 cities across the country and aims to provide doorstep service to the Clients.
“While the larger corporate houses manage to get the best deals for their remittance transactions, it has been seen that the SME segment do not get the same level of services. We are confident that this technology offering will help us bring delight to this segment of customers”, said Ramesh Ganesan, Executive Vice President, IndusInd Bank.
“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 together 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.”