Thomas Cook (India) has announced a collaboration with Western Union Business Solutions to assist Small and Medium-sized Enterprises (SMEs) in India with their trade payments across borders.

According to KPMG, SMEs have emerged as one of India’s largest growing sectors, with a significant GDP contribution of over 17 per cent in 2014, and expected to see strong growth to approximately 22 per cent GDP contribution by 2020.

The partnership will enable dedicated relationship management and automated confirmation of payments, ensuring ease of procurement for the SME. Thomas Cook India would reach out to its set of SME base and the larger market to essentially refer trade remittance transactions to DCB Bank through the Western Union technology platform.

Mahesh Iyer, Chief Operating Officer, Thomas Cook (India) said, “SMEs form a dynamic segment; noteworthy in that the number of new entrants is seeing strong growth of 23 per cent. At Thomas Cook India, we are delighted to collaborate with Western Union Business Solutions and DCB Bank in offering expertise and convenience to our SME customers in their outward trade payment solutions.”

Speaking about the business alliance, Praveen Kutty, Head — Retail and SME Banking said, “DCB Bank believes that this solution is ideal for MSME (micro and small and medium enterprises) and SMEs. Both MSMEs and SMEs are important contributors to the economy. The business alliance with DCB Bank, Thomas Cook (India) and Western Union Business Solutions has the vision to empower MSMEs and SMEs by providing smooth and convenient trade remittance facility.”

Source: The Economic Times