KVB Implements Online Remittance Solution
Karur Vysya Bank (KVB), a private sector bank in India, announced its implementation of an online remittance solution to help NRI customers. For this, the bank tied up with digital payments service provider TimesofMoney. The new deployment ensures that KVB customers get a robust, cost-effective and secured transaction platform for money transfers.
“With our NRI customer base growing at a rapid pace, we realised the need to have in place a robust online transfer arrangement. Therefore by tying up with TimesofMoney, we can not only deliver our NRO customers a faster and effective service, but can also cover more countries to add to our NRI portfolio,” said V. Bhaskar, General Manager, International Banking Group, Karur Vysya Bank.
He added that non-customers can also remit funds in a fast, secure and hassle-free environment. Bhaskar said the bank is particularly looking to expand into the European market with this solution as it found TimesofMoney’s money transfer solution offering a number of benefits, especially in terms of the lower transfer fee and better exchange rates.
As per a World Bank Report, India is one of the top remittance receiver in the world, with a robust US$ 64 billion in 2011, an increase of 16 percent over last year. The market for online remittance service in India is growing at 20 percent CAGR.
Reportedly, KVB has been recognised as one of the most innovative banks in terms of deploying innovative IT solutions for business benefits. KVB has initiated several customer friendly services by harnessing technology for banking operations. It is also one of the earliest banks in the country to achieve full networking of its branches under Core Banking Solutions, offering innovative services through multiple delivery channels.
Recently, the bank had been awarded by the Institute for Development and Research in Banking Technology, Hyderabad for the best use of IT for Customer Service in semi-urban and rural areas.
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