Western Union Business Solutions is partnering with IndusInd Bank Limited in India to bring its technology platform for making global business and foreign exchange (FX) payments closer to small and medium-sized enterprises (SMEs) in India that operate internationally.
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 better in India. The FX and business payment service will launch at select Paul Merchants and Weizmann Forex Western Union locations in 22 cities across India and aims to provide doorstep service to SME clients.
Customers will be able to request a visit from a trained representative of Paul Merchants or Weizmann Forex, allowing them to book a cross-border FX transaction from their home or office. The service is being offered under license by IndusInd Bank. Claimed 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 across India.
“SMEs are essential to India’s economy,” said Raj Agrawal, president of Western Union Business Solutions. “There are nearly 30 million Indian SMEs that make a significant contribution to the country’s gross domestic product (GDP). This arrangement will not only bring improved access to FX products for SMEs but will also increase the ease and efficiency with which they trade with their global partners.”
According to Ramesh Ganesan, executive vice president of IndusInd Bank Limited, the technology licensing link-up will help his firm, “bring stronger service to support Indian SMEs”.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A paper from the independent researcher analyses whether Bitcoin will crowd out fiat currencies in the global community.
Nordic payments processing firm Nets Holdings is planning an IPO in Copenhagen this year.