MoneyGram International has teamed up with Industrialbank to launch account deposit service in Ukraine. This is said to be the first bank deposit service in the country.

With the new service, customers will be able to send funds directly to bank account of any recipient. Funds will be available on the same or next day based on when the transfer was made.

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World Bank data shows that Ukraine received more than $14bn last year, an increase of 19% compared to transfers in 2017. MoneyGram expects the new service to allow easy access to funds and greater financial inclusion in the country.

MoneyGram is a cross-border P2P payments and money transfer company. It enables money transfers in more than 200 countries and territories, of which 65 are digitally enabled.

The company’s platform uses distribution network, financial settlement engine and cloud-based infrastructure for easy and quick transfers.

Currently, MoneyGram account deposit service is available at over 400 banks worldwide.

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MoneyGram chairman and CEO Alex Holmes said: “As the company evolves to meet the changing needs of consumers around the world, we’re focused on accelerating digital growth through the expansion of account deposit capabilities to new markets.

“Our new partnership with Industrialbank in Ukraine is one of a number of recent partnership signings that highlight our ongoing strategic investments to upgrade and expand our service in key receive markets.”

Last week, MoneyGram partnered with Suez Canal Bank to allow transfers directly into the bank accounts of recipients in Egypt.