Federal Bank And Visa Launch International Remittance Solution
KOCHI: Kerala-based Federal Bank and Visa today announced the launch of a new solution that will allow Federal bank Visa Debit cardholders to receive international remittances almost instantly.
Federal Bank is the first bank in India to activate this solution with Visa.
The solution will allow recipients to receive funds in near real time, giving them money in minutes, quickly and securely. It is more convenient than other alternatives as recipients no longer have to visit an agent location to collect cash.
Instead, funds are deposited directly to cardholders' Visa cards, which can then be used to make purchases at all local merchant outlets which accept Visa cards,a bank release said.
The payment solution is a result of a major enhancement to the Visa network that enables Visa card accounts to receive funds in near real-time and is expected to prompt a new generation of personal payment services on Visa cards- including mobile and cross-border remittances, electronic bill pay and prepaid reloads.
"We are confident our large number of NRE customers and Visa cardholders will enjoy the convenience it offers. We are continuously looking at enhancing our cardholders' experience with us through innovation and technological advancements," Shyam Srinivasan, Managing Director & CEO, Federal Bank said.
"The new service is truly a milestone for Visa and is another example of Visa's constant drive to bring world leading innovations to account holders and bank clients,"Uttam Nayak,Group Country Manager, India and South Asia, Visa said.
The Bank's Indian customers will be able to receive near real time remittances sent from UAE Exchange. The launch with Federal Bank is part of a growing momentum for Visa's latest solution globally and follows a string of recent launches announced Philippines, UAE, US, Russia and Ukraine.
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