MoneyGram has rolled out a new account deposit product that enables clients to send money directly to all Banco de Occidente accounts in Honduras.

Once the money is transferred to an account, the funds will be available to customers in minutes subject to the bank’s operating hours, MoneyGram said in its press statement.

MoneyGram vice president for Mexico, Latin America and Caribbean Pedro Saro said: "Banco de Occidente is one of the largest and most trusted banks in Honduras. Today we are pleased to add account deposit to the list of services we offer and provide with Banco de Occidente, adding another quick and convenient choice for our customers when they need to receive money."

Manuel Venancio Bueso, sub general manager of Banco de Occidente, said: "Banco de Occidente and MoneyGram have worked together to ensure customers in Honduras receive money between friends and family. The new deposit to account service gives our customers a more convenient choice to access their funds."

Nearly $3.3bn in remittances flowed into Honduras in 2014, the majority of which was sent from the US, according to the World Bank.