Cross-border payments have secured attention from innovators as the market becomes more interconnected. Companies today have global needs, but the friction in foreign exchange and payment processes remains a tough pill to swallow — especially for smaller companies working with overseas suppliers.
[bctt tweet=”Friction in foreign exchange and payment processes remains a tough pill to swallow for SMEs.”]
Western Union’s Business Solutions unit is working in India to fuel cross-border corporate trade and payments and ease some of this friction, according to reports. An announcement made Tuesday (Sept. 29) revealed that Western Union Business Solutions will be teaming up with Indian lender DCB Bank to fuel the nation’s SMEs in their global expansion.
According to the companies, the partnership will see DCB Bank using Western Union’s foreign exchange and payments technology tools, extending these services to SME customers to help them streamline their accounts payable operations when working with non-Indian companies.
The small businesses will also have access to Western Union’s bank partners to send money to their overseas suppliers, the firms said. Payments can be made in 10 currencies.
“Many customers are seeing growth in their international business, which matches our own growth as a company,” said DCB Bank Head of Retail and SME Banking Praveen Kutty in a statement. “Now, it 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.”
Western Union Business Solutions President Kerry Agiasotis added that, especially in India, where SMEs make up 40 percent of the nation’s exports, the solution will be key to driving economic growth, as small businesses have faced hurdles in their cross-border payments needs.
“Our collaboration with DCB Bank will help change [Indian SMEs being underserved] by bringing SMEs improved access to financial and foreign exchange services they need to efficiently participate in international markets and facilitate their business growth,” Agiasotis said.
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