IndusInd Bank taps Viamericas for digital inward remittance offering
India’s IndusInd Bank has entered a strategic partnership with Viamericas Corporation to enable digital inward remittances from the US to India, for Indians residing in the US.
IndusInd Bank forms partnership with Viamericas
The Indus Fast Remit platform, which facilitates remittances to India, particularly from the non-resident Indian population abroad, will now allow US-based Indians to book remittance transactions through automated debit payment mode, as well as to transfer funds through an overseas bank account.
To facilitate this, Viamericas, a licenced money services business in the US, will use its existing IndusInd Bank Vostro relationship to credit the beneficiary account in India using the Rupee Drawing Arrangement (RDA) scheme of the Reserve Bank of India.
IndusInd Bank claims its remittance platform will provide customers with full “transparency” over the status of payments, including the exact amount the beneficiary will receive and the time the funds will be delivered.
Soumitra Sen, head of consumer banking and marketing, IndusInd Bank, says the partnership aims to position the bank as a preferred choice for the Indian diaspora through the provision of “relevant” banking services.
“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.”
