MUMBAI, India--(BUSINESS WIRE)--DCB Bank Limited (formerly Development Credit Bank Ltd.) and Western Union Business Solutions, a business unit of The Western Union Company (NYSE:WU), announced a new collaboration to support small and medium-sized enterprises (SMEs) in India engage in cross-border trade.
Western Union Business Solutions’ global payments technology platform and foreign exchange services will be used by DCB Bank to drive its SME growth strategy and provide such customers with simple, customized solutions for outward remittances from India. Benefits include:
- Global correspondent banks: Access to Western Union’s global network of banks to send funds in a cost effective, fast and secure way to suppliers globally.
- Transparent process: Easy access to the transaction status – from initiation to receipt by beneficiary.
- Doorstep service: A dedicated person will visit you to complete all documentation requirements.
- Transparent process: Cross-border payments in a choice of ten currencies, including Arab Emirates Dirham and Singapore Dollar.
“Many customers are seeing growth in their international business, which matches our own growth as a company,” said Praveen Kutty, Head Retail & SME Banking, DCB Bank Limited. “Now is therefore the right time for us to expand service offerings. With the addition of Western Union Business Solutions’ global payment and FX capabilities, we will deliver stronger, faster, more efficient services that enable customers to manage their international business more successfully than ever.”
Small and medium-sized enterprises (SME) have proven to be a vital component to India’s economy. In 2014, SMEs accounted for 40 percent of India’s exports of goods and services, totaling 9,952 billion rupees or 156 billion USD.
Kerry Agiasotis, President, Western Union Business Solutions, added, “Small and medium-sized businesses are unsung heroes driving the Indian economy and they remain underserved. Our collaboration with DCB Bank will help change that by bringing SMEs improved access to financial and foreign exchange services they need to efficiently participate in international markets and facilitate their business growth. We are excited by the significant potential we see in the Indian market.”
Western Union Business Solutions is a leader in foreign exchange and cross-border payments, seamlessly connected across one global network. With industry expertise and market-leading technology, we help more than 100,000 clients deliver funds fast.
About DCB Bank Limited
DCB Bank Limited (Formerly Development Credit Bank Ltd.) is a modern emerging new generation private sector bank with 154 branches across 17 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed. DCB Bank has contemporary technology and infrastructure including state of the art internet banking for personal as well as business banking customers.
The Bank’s business segments are Retail, micro-SMEs, SMEs, mid-Corporate, Microfinance Institutions (MFI), Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks and Non-Banking Finance Companies (NBFC). DCB Bank has approximately 500,000 customers.
The Bank has deep roots in India since its inception in 1930s. Its promoter and promoter group the Aga Khan Fund for Economic Development (AKFED) and Platinum Jubilee Investments Ltd. holds over 16% stake. AKFED is an international development enterprise.
It is dedicated to promoting entrepreneurship and building economically sound companies. AKFED operates as a network of affiliates with more than 90 separate project companies over 30,000 people. The fund is active in 16 countries in the developing world. AKFED had co-promoted HDFC in India in the late 70s.
About Western Union Business Solutions
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage global cash flow, creating unique solutions tailored to suit their individual needs. It is a business unit of The Western Union Company (NYSE: WU), a leading nonbank provider of cross border payments, which offers Business Solutions services in over 30 countries. Clients are supported by a network of trading offices, strategic banking relationships and a global clearing network and can send cross-border foreign exchange payments in more than 135 currencies.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of June 30, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to millions of bank accounts. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit www.westernunion.com.