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IndusInd Bank and Viamericas to offer seamless services to NRIs
The 'Indus Fast Remit' platform will enable NRIs to initiate remittance transactions.
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Representative Image / Unsplash
IndusInd Bank has unveiled a strategic partnership with Viamericas Corporation to provide digital inward remittance services to Non-Resident Indians (NRIs) in the USA through its platform, 'Indus Fast Remit.' This collaboration opens up opportunities for NRIs to take advantage of competitive exchange rates for their digital inward remittances to India, offering them a convenient and cost-effective option for sending money back home.
The 'Indus Fast Remit platform will enable NRIs to initiate remittance transactions through two convenient methods: auto debit payment mode via Automated Clearing House (ACH) and transfer of funds directly from their overseas bank accounts. To facilitate this, Viamericas Corporation will leverage its existing Vostro relationship with IndusInd Bank to credit the beneficiary's account in India, utilizing the Reserve Bank of India's (RBI) RDA (Remittance Drawing Arrangement) scheme.
Speaking about the collaboration, Soumitra Sen, Head of consumer Banking and Marketing, at 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 the 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 lifestyle changes, 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, of 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.”
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