TerraPay partners with Yes Bank to enable instant cross-border money transfer service in India
TerraPay has partnered with Yes Bank, India's fourth largest private sector bank, to enable real-time international money transfers to bank accounts in India, according to a press release.
TerraPay has partnered with Yes Bank in what's called 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, the bank will disburse funds using the immediate payment service, popularly known as IMPS. The service is available at any time.
"Since inception, Yes Bank has leveraged innovation and technology to revolutionize the banking experience in India," Arun Agrawal, group president and global head of international banking of Yes Bank, said in a statement. "We are glad to partner TerraPay to enable a convenient, cashless remittance option for migrants looking to transfer money to India."