Chennai :  DCB Bank Limited (formerly Development Credit Bank Ltd.) and Western Union Business Solutions, a business unit of The Western Union Company, announced a new collaboration to support small and medium-sized enterprises (SMEs) in India engage in cross-border trade. The relationship was first announced on September 28, 2015.

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.  Current Western Union agents Paul merchants Ltd. and Weizmann Forex have also signed referral agreements with DCB Bank to acquire SME clients. 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 proved 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 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.