Mumbai, Mar 8 (KNN) Thomas Cook (India) Ltd., India's leading integrated travel and travel related financial services company, has inked pact with Western Union Business Solutions and DCB Bank Limited in order to assist Small and Medium Enterprises (SMEs) in India with their trade payments across borders.

On Monday, Thomas Cook announced a strategic collaboration with Western Union Business Solutions, a business segment of The Western Union Company, and DCB Bank Limited (formerly Development Credit Bank Ltd).

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.

“Therefore in a strategic initiative to tap into the rapidly increasing SME opportunity, Thomas Cook India’s collaboration leverages the global payments technology platform of Western Union Business Solutions coupled with the expertise of the trade finance units of DCB Bank, to enable dedicated relationship management and automated confirmation of payments, ensuring ease of procurement for the SME,” according to a press statement.

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) Ltd. said, “This alliance is a pioneering move by Thomas Cook India, 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 strong growth of 23 per cent.”

Kerry Agiasotis, President at Western Union Business Solutions said “Western Union Business Solutions is a trusted, valuable business ally, helping SMEs in India to compete on the international stage. We are finding solutions for businesses, to deliver growth in a massively important global landscape.”

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 & 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.’’ (KNN Bureau)