The service offering introduced for the first time in both markets follows agreements with Western Union's existing agents in the two countries: Industrial Bank of Korea (IBK) and the State Bank of India (SBI).

IBK customers with online banking facilities are now 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).

"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," said Drina Yue, Managing Director and Senior Vice President, Western Union Asia Pacific.

"The combination of Western Union® Money TransferSM services and online banking gives bank customers a paperless, secure and faster alternative to visiting bank branches or Western Union Agent locations."

Account-Based Money Transfer forms part of Western Union's electronic channels strategy as the company seeks to offer a variety of ways to transfer money for new and existing customers.

Western Union first introduced ABMT to Asia in Malaysia in 2008; ABMT services are now available at both CIMB and Public Bank. Western Union ABMT is offered around the world through 17 banks in Europe, the Middle East, the Americas and Asia Pacific.

IBK has 10 million accountholders, of which 4 million are registered for online banking. The Western Union-IBK ABMT service complements the bank's nationwide network of over 584 branches offering the Western Union® Money TransferSM service.

SBI has 110 million accountholders; more than 4 million are registered for online banking. Western Union-SBI ABMT complements the nationwide network of over 12,000 SBI branches currently offering the Western Union® Money TransferSM service. Western Union has more than 59,000 Agent locations in India.