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Saturday, November 22, 2014

NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under
01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.
02)The funds move to the Western Union settlement account at Indusind Bank.
03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-
01) 24*7 service
02)Facility available on Holidays too
03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible




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