Western Union Business Solutions has partnered with IndusInd Bank to offer payments technology to small and medium-sized businesses in India.
As part of the partnership, customers will be able to execute cross-border transactions from their home or office. The service will be offered under license by IndusIndBank and is aimed at smaller businesses that need to arrange payments for international suppliers. The program also includes email notifications and can handle more than 100 currencies
Small and medium-sized enterprises [SMEs] are essential to Indias economy, says Raj Agrawal, Western Union's business solutions president, in a release. There are nearly 30 million Indian SMEs that make a significant contribution to the countrys 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 Unions largest agents, Weizmann Forex Ltd. and Paul Merchants Ltd., as referral agents to market the service when it launches in 22 cities across India.
Western Union Business Solutions handles global business payments and foreign exchange. It is a unit of Western Union Co.
Western Union has been adding technology to aid its international partnerships, as well as compete with rivals such as MoneyGram, which is diversifying its product line to build its business globally.