Under the deal, SBI customers will gain access to Western Unions’ Account-Based Money Transfer (ABMT) service. To be launched in early 2011, the service will allow users to receive money coming from cross-border transfers in their bank accounts via their mobile phones.
Western Union’s Account-Based Money Transfer service aims to complement SBI’s nationwide network of more than 12,000 branches currently offering the Western Union Money Transfer service. According to the World Bank, India is currently the world’s number one remittance recipient country, receiving USD 52 billion in 2009 via this channel.
Most recently, Western Union has received license approvals from the Brazilian Central Bank and President Luiz Inácio Lula da Silva to operate a commercial bank and foreign exchange brokerage firm in Brazil.
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