IndusInd Bank teams up with Viamericas: A game-changer for NRIs’ digital remittances
IndusInd Bank, in its pursuit to serve Non Resident Indians (NRIs) better, has unveiled a strategic partnership with Viamericas Corporation. This collaboration aims to amplify the bank’s digital inward remittance services in the USA via their platform, ‘Indus Fast Remit’. This joint effort promises NRIs competitive exchange rates for digital remittances to India.
Features and Benefits of the New Partnership
Under this partnership, the ‘Indus Fast Remit’ platform is set to empower NRIs to effortlessly book remittance transactions. Not only will this be done through auto debit payment mode (Automated clearing House – ACH), but also by transferring funds via overseas bank accounts. All this while, Viamericas Corporation plans to leverage its pre-existing IndusInd Bank Vostro relationship to directly credit beneficiary accounts in India, adhering to the RDA scheme framed by the RBI.
Another notable feature of the digital remittance platform is its promise of transparency. Customers will gain clear insights into payment request statuses, exact INR amounts that beneficiaries will receive, and the expected time frames for fund delivery. Existing IndusInd Bank customers will further enjoy the ease of initiating payments through the bank’s internet banking platform, eliminating the need for cumbersome paperwork and branch visits.
Voices from the Top
In light of the recent alliance, Soumitra Sen, Head – Consumer Banking and Marketing at IndusInd Bank, mentioned, “IndusInd Bank’s engagement with Viamericas is designed to achieve strategic outcomes that support our vision of being the preferred Bank for Indian diaspora. We believe this initiative will offer a much simpler and more efficient remittance experience to NRIs.”
Paul Dwyer, CEO of Viamericas Corporation, also chimed in expressing his enthusiasm, “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.”
A Glimpse at ‘Indus Fast Remit’
As a digital platform tailormade for remittances to India, especially targeting NRIs, ‘Indus Fast Remit’ offers users a single sign-on with a completely digital journey. This service is set to be rendered through licensed overseas Exchange Houses/Money Transfer Companies, ensuring transfers to beneficiaries in India align with the RBI’s Rupee Drawing Arrangement (RDA) Scheme.