Indus Fast Remit (IFR) platform under the Rupee Drawing Arrangement (RDA) scheme of RBI
FinTech BizNews Service
Mumbai, 25 October 2023: IndusInd Bank today announced a strategic collaboration with Viamericas Corporation to offer digital inward remittance services to Non Resident Indians (NRIs) in the USA through IndusInd Bank ‘Indus Fast Remit’, a remittance service platform. This collaboration enables NRIs to benefit from highly competitive exchange rates for digital inward remittances to India.
The Indus Fast Remit platform will allow NRIs to book remittance transactions through auto debit payment mode (Automated clearing House - ACH) as well as transfer funds through the overseas Bank account. Viamericas Corporation will use its existing IndusInd Bank Vostro relationship to credit the beneficiary account in India using the RDA scheme of RBI.
IndusInd Bank’s digital remittance platform will provide customers with complete transparency into the status of payment requests, the exact INR amount to be received by the beneficiary and the expected time for delivery of funds. Existing IndusInd Bank customers will also benefit from the convenience of initiating payment requests using a single sign-on facility through the Bank's Internet banking platform, without visiting bank branches or going through the hassle of paperwork.
Speaking about the collaboration, Soumitra Sen, Head - Consumer Banking and Marketing, IndusInd Bank, said, “IndusInd Bank’s engagement with Viamericas is designed to achieve strategic outcomes that support our vision of being the preferred Bank for Indian diaspora by providing relevant financial and banking solutions. We believe this initiative will offer a much simpler and more efficient remittance experience to NRIs. We are confident that this collaboration will act as one of the major contributing factors towards the evolution of cross-border payments. With changes in lifestyle, we have observed a substantial change in banking expectations of customers and we as a Bank are poised to deliver a rich banking experience that our customers demand.”
“We welcome the launch of this collaboration with IndusInd Bank as an excellent way for NRIs living in the United States to send money back home to India” said Paul Dwyer, CEO, Viamericas Corporation. “Engaging with IndusInd Bank has been a great opportunity to increase our presence in this market while facilitating IndusInd’s ability to provide additional financial and banking services to their current and future customers.”
The users of Indus Fast Remit will have access to Exchange Houses/Money Transfer Companies offering competitive rates with a single sign on and an end-to-end digital journey.
