The Western Union Company, a leader in global payment services, has strengthened its international direct-to-bank transfers with a partnership with Yes Bank, one of India's largest private-sector banks. The direct-to-bank service facilitates money transfers to bank accounts in India, through the NEFT as well as IMPS clearing systems.

This collaboration with Yes Bank will allow consumers in the US, UK, Canada, Australia and many other countries, to send money directly to more than 900 million bank accounts in India. Reflecting the Government of India's focus to increase bank account penetration in the country through Jan Dhan Yojana and other such schemes, with this service Western Union is leveraging its global presence to facilitate the direct flow of remittances into bank accounts in India.

Yes Bank has innovated upon its existing platform and has custom made a differentiated workflow to orchestrate the crucial last mile connectivity in this process flow.  The solution tailored by the Bank also ensures maximum security in the transmission of financial data from Western Union to YES BANK and vice versa.

Rana Kapoor, managing director and CEO of Yes Bank said, ''Yes Bank has since inception leveraged  Innovation and Technology in Payments to boost financial inclusion in India. Western Union's international direct-to-bank services which will be backed by Yes Bank's state-of-the-art security protocols, is a great example in banking payments technologies that enables a convenient cashless option for families and individuals who depend on remittance money. Inward Remittances under RDA-Rupee Drawing Arrangement are a crucial component of India's GDP, and we are certain that Yes Bank relationship with WU will significantly boost further granular FX inflows into India.'' 

Shares of the bank declined Rs 4.85, or 0.60%, to trade at Rs 801.00 at the BSE (12.55 p.m., Monday).