Yes Bank's bank interoperability helps migrants to transfer money

Migrants working in the cities often find it difficult to open an account in the absence of a local identity proof. It bars them often from opening an account with banks. Hence they find it difficult to deposit money in the bank. Perhaps this is the reason, Yes Bank made it possible for migrants to transfer funds to their own accounts with other banks in their home towns or native place with other banks also. In order to facilitate this, the bank adopted the Interbank Mobile Payment Service (IMPS) for remittance. The bank finds it a runaway success, since it has received a good number of takers for the services through its network of urban business correspondents. Also shortlisted for the Computer Society of India awards, this project by Yes Bank has completed more than 13 lakh transactions having remitted more than Rs. 610 crores.

Talking at the CSI event in Kolkata exclusively to Dataquest, Anand Kumar Bajaj, group EVP and chief innovation officer-transaction banking group, Yes Bank, divulged, "We are the first bank to offer bank interoperability services in India which has helped more than 3.3 lakh plus customers till date. More importantly 16,438 branches of 68 banks have received remittances through our system. To supplement the growing demand for our services through IMPS, we have an active network of about 7000 Yes Bank business correspondent."

Yes Bank boasts of a 51% repeat users on a growing base and of saving 6 million man hours. In addition, it finds the model suitable for banks also based on the Rs 2 crores fee generated through transactions or remittances on this model. It says that RBI allows bank interoperability model.