Gulf News reported that Indian private bank Federal Bank has started offering remittance services using blockchain technology that enables non-resident Indians (NRIs) in the UAE to send money cross-border.
According to Managing Director and CEO Shyam Srinivasan,
Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.
As the bank holds an over 15 percent market share in remittance to India, it aims to expand its businesses using blockchain-powered solutions to attract more customers in the GCC region.
With the new blockchain-based platform, bank customers can make remittances easier, as the platform connects banks and exchange services in the Middle East in order to provide real-time, seamless money transfers. One of the first exchanges in the UAE to join the program was Lulu Exchange, which has adopted the platform to offer upgraded overseas remittance services.
Federal Bank is also using the latest upgrade of the National Payment Corporation of India in the Unified Payment Interface (UPI 2.0) to introduce a service that lets Indians abroad transfer money using a simple Virtual Payment Address (VPA) of the receiver.
The bank added that it has also joined a partnership with blockchain-powered global remittance provider Ripple Incorporated to offer money transfer services through its network. Federal Bank has reiterated that it has been working to let customers abroad transfer funds back home with more ease, and digital offerings have been one way to achieve this goal.
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