A leader in the global payment services and state Bank of India is the Western Union. The largest commercial bank in India, it announced that SBI accounthoulders will soon be able to receive across border money transfer in their bank using just their mobile phones. The introduction of the Account-Based Money Transfer was headed by Western Union. This will be launched in early 2011. The service will enable SBI customers with the online bank accounts to pull a Western Union Money TransferTM directly into their accounts via the Internet or an ATM. The new mobile services will provide a SBI customers with the additional option to direct the Western Union Money Transfer into their accounts anytime and anywhere.
It is the world’s no. 1 remittance recipient country and received US$52 billion in 2009, the India is a key market for the Western Union. The Western Union has more than 61,000 Agent locations in India. They continue to expand their network, this collaborations with the SBI realizes their commitment to p0rovide their consumers with the greater convenience of accessing the money sent by their families and loved ones from the overseas. The Western Unions Head of Mobile Transaction Service was committed to offering a wide variety of ways for their consumers to send and receive money. They are able to continually offer new and innovative choices for the SBI customers for the transfer of their money from the Western Union directly into their accounts through the mobile phones, online banking, ATMs and Bank branches. By leveraging their global hub for moving money.
The SBI has 110 million account holders of which more than 4 million are registers for the online banking. The western Union’s Account Based Money Transfer service complements SBIs nationwide network of more than 12,000 branches currently offering the Western Union Money Transfer Service. With the agreements with SBI consumers will be able to send money from one Western Union’s 380,000 Agent locations around the world to an SBI account. The Western Union also offers the mobile Money Transfer service in the Philippines with the Smart Communication and Globe Telecom. In Kenya with Safaricom, in Malaysia with Maxis and in South Africa with Absa Bank. The company also recently announced an agreement with Enstream in Canada and has a agreements with the Tunisian Post and Bank of Commerce and Development in Libya. Western Union Previously announce3d an alliance with the Zain in Africa.
REFERENCE:
http://www.finextra.com/news/Announcement.aspx?pressreleaseid=35837
