TerraPay, along with YES Bank, to provide 24x7 money transfer service in India
TerraPay has tied up 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.
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. 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 US$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.”
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