The alliance, called the Rupee Drawing Arrangement, grants TerraPay’s network partners to make instant cross-border money transfers to bank accounts in India. This means that Indian migrants worldwide can walk into TerraPay’s partner outlet anytime and send money to their family and friends back home, instantly in their bank account. For other bank accounts, the bank will disburse funds using the immediate payment service (IMPS). The service is available 24X7.
TerraPay is a global provider of transaction processing, clearing and settlement services for mobile wallets. YES BANK is a large Indian private sector bank with a pan India presence across all 29 states and 7 Union Territories.
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