Federal Bank launches two cutting edge technology remittance variants

The Federal Bank Ltd. | Bank - Private | BFSI | BSE: 500469 | NSE: FEDERALBNK

30 Mar 2019 Evaluate

Federal Bank has launched two cutting edge technology remittance variants to their bouquet of facilities enabled through partner exchange houses and banks for making remittance to India. The bank has upgraded the initial Blockchain platform for remittances which was launched in December 2017 with a sophisticated technology which uses the R3 Corda Blockchain platform developed in partnership with an Indian fintech company Digiledge.

The new easy-to-plug-in platform enables exchange houses and banks in the Middle East to connect their existing solutions to make seamless, real-time transactions. The platform offers high level of security due to the distributed architecture and use of advanced cryptographic algorithms. Lulu Exchange, one of the leading financial services company with more than 180 branches worldwide, has gone live with this upgraded cross border remittance platform.

The Bank has also launched a platform for Non-Resident Indians (NRI) to send money through Exchange Houses and Banks using an easy to remember Virtual Payment Address (VPA) of the beneficiary. The platform which rides on the capabilities of UPI 2.0 - the upgrade of the Unified Payment Interface by National Payment Corporation of India - allows customers to make remittances to India using a virtual payment address (VPA) instead of the usual account number and IFSC currently used to send money to India. VPA also provides the advantage of instantly verifying the beneficiary before sending money, thereby avoiding wrong credits and rejections.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

Federal Bank Share Price

297.30 0.20 (0.07%)

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HDFC Bank	781.20
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