The service offering follows agreements with Western Union’s existing agents in the two countries: Industrial Bank of Korea (IBK) and the State Bank of India (SBI).
Under the terms of the agreement, IBK customers with online banking facilities are now able to send money from their accounts to friends or relatives at any Western Union Agent location in 200 countries and territories (account-to-cash). Conversely, consumers, including Indians working and living overseas, will be able to make cash transfers from any Western Union location to SBI online banking-linked accounts effective early 2011 (cash-to-account).
Account-Based Money Transfer forms part of Western Union’s electronic channels strategy as the company seeks to offer a variety of ways to transfer money for new and existing customers.
Western Union first introduced ABMT to Asia in Malaysia in 2008; ABMT services are now available at both CIMB and Public Bank. Western Union ABMT is offered around the world through 17 banks in Europe, the Middle East, the Americas and Asia Pacific.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now