Western Union has launched an account-based money transfer (ABMT) service in Korea and India, following agreements with existing agents Industrial Bank of Korea (IBK) and the State Bank of India (SBI).
Western Union said that ABMT is part of its electronic channels strategy to offer various channels to transfer money for new and existing customers.
According to the Western Union, IBK customers with online banking facilities will be able to send money from their accounts to friends or relatives at any Western Union agent location in 200 countries and territories (account-to-cash).
Conversely, consumers, including Indians working and living overseas, will be able to make cash transfers from any Western Union location to SBI online banking-linked accounts effective early 2011 (cash-to-account).
Drina Yue, managing director and senior vice president of Western Union Asia Pacific, said: “The introduction of Western Union account-based money transfer in Korea and India underscores our commitment to driving new electronic channels that will provide choice for existing customers and increase convenience in addition to expanding our user base.
“The combination of Western Union Money Transfer services and online banking gives bank customers a paperless, secure and faster alternative to visiting bank branches or Western Union agent locations.”