Global remittance provider UAE Exchange has tied up with YES Bank, India's 4th largest Private Sector Bank, for real time money transfers to any bank in India.
The tie up will integrate UAE Exchange FLASHremit, an instant account credit facility, with IMPS (Immediate Payment Service).
IMPS is a network of banks in India, launched by National Payments Corporation of India (NPCI).
'FLASHremit' service started by the bank enables customers to conveniently send money instantly to their beneficiaries in India in Indian Rupees.
"UAE Exchange has always explored the possibilities of bringing the best to its customers faster. We have a special tie up with YES Bank to integrate FLASHremit our instant bank account credit service with IMPS, said Promoth Manghat, Dy.
CEO, UAE Exchange. Additionally, an instant SMS confirmation is sent to the sender and receiver informing about the credit, thus eliminating any follow up.
"The service will provide convenience to customers in Gulf Cooperation Council (GCC) which is an important focus region for YES bank, and provide instant credit confirmation to them for deposits into their recipients accounts," said Arun Agrawal, President, YES bank.
This initiative based on the IMPS platform reinforces YES bank's commitment to emerge as a meaningful player in the Innovation & Digital Banking space, he said. GCC member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
UAE Exchange currently it has over 750 branches across 32 countries, and is the world's largest networked remittance brand.
Its strong correspondent banking relationship, with close to 150 global banks, adds to the might.
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