Thomas Cook and Western Union to help SMEs with international trade payments
(11 March 2016 – India) Travel firm Thomas Cook (India) has entered into a partnership with Western Union Business Solutions, and DCB Bank, to assist small and medium enterprises (SMEs) in India with their trade payments across borders.
Thomas Cook India said it would reach out to its SME base and the larger market to refer trade remittance transactions to DCB Bank through the Western Union technology platform.
The travel company’s chief operating officer Mahesh Iyer said in a statement, “This alliance is a move to penetrate the high-growth Indian SME segment for its international trade payment requirements. SMEs form a dynamic segment; noteworthy in that the number of new entrants is seeing a strong growth of 23 percent.”
Kerry Agiasotis, president at Western Union Business Solutions, added: “We are helping SMEs in India to compete on the international stage. We are finding solutions for businesses to deliver growth in an important global landscape.”
Praveen Kutty, head, retail and SME banking, DCB Bank, said, “We believe that this solution is ideal for micro and small & medium enterprises (MSMEs) and SMEs. Both MSMEs and SMEs are important contributors to the economy. The business alliance has the vision to empower MSMEs and SMEs by providing a smooth and convenient trade remittance facility.”