TerraPay

TerraPay partners with YES BANK to enable 24x7 instant cross-border money transfer service to bank accounts in India

Indian migrants worldwide can  now send money to their family and friends back 
home, instantly in any bank account.


New Delhi, India  –  14,  June 2017  -  TerraPay, the world’s first mobile payments switch, has 
partnered  with  YES  BANK,  India’s  fourth  largest  private  sector  bank,  to  enable  real-time 
international  money  transfers  to  bank  accounts  in  India.  Powered  by  TerraPay’s  global 
clearing  and  settlement  service,  the  partnership  will  make  it  faster  and  convenient  for 
consumers to send money to any bank account.

TerraPay has partnered with  YES BANK  in a Rupee Drawing Arrangement which  enables
TerraPay’s network  partners to make  instant  cross-border money  transfer  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 bank accounts other than YES BANK accounts, YES BANK will disburse funds 
using  the  immediate  payment  service,  popularly  known  as  IMPS.  The  service  is  available 
24X7.

Ambar  Sur,  Founder  &  CEO  of  TerraPay  commented,  “India  is  the  world’s  largest 
recipient of remittances.  According to World bank reports,  Indian  migrants sent  USD 62.7 
billion  in FY 2016-17,  which is in fact greater than FDI inflows to India. These remittance 
inflows from Indian diaspora community have contributed immensely to the macro and micro 
economic development of the country.  Our partnership with Yes Bank would help us do our 
bit  for  the  migrants  by  providing  a  real-time,  24X7  and  seamless  money  transfer  service 
experience.”

Arun  Agrawal,  Group  President  &  Global  Head,  International  Banking,  YES  BANK
commented,  “Since  inception,  YES  BANK  has  leveraged  innovation  and  technology  to 
revolutionise the Banking experience in India. We are glad to partner TerraPay  to enable a 
convenient, cashless remittance option for migrants looking to transfer money to India. This 
24x7 service  is backed by YES BANK’s state-of-the-art API Banking platform and superior
security protocols, and will help boost granular FX inflows into India.” 

About TerraPay
TerraPay, the world’s first mobile payments switch is a global transaction processing, clearing and settlement service for mobile wallets.  It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 18 billion Mahindra Group. It is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).

About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of becoming “INDIA’s FINEST QUALITY BIG BANK by 2020”.
PR Contact 
Sundeep Mehta
Global PR Manager 
TerraPay, Netherlands
E-mail- contactus@terrapay.com