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22/09/2023 Banking Innovation

About

Global remittances are booming, with India receiving a staggering $111 billion in 2022. Yet, traditional remittance methods are riddled with inefficiencies, hidden charges, and a lack of transparency, leaving millions of NRIs and PIOs seeking better solutions. Enter Indus Fast Remit (IFR) by IndusInd Bank, a digital game-changer designed for the vast NRI diaspora. IFR in its upgraded version and a new avatar, offers a multi-partner platform, real-time forex rates, and seamless fund collection, all wrapped in a user-friendly digital experience. We're not just innovating, we're reimagining the remittance landscape, making it transparent, efficient, and customer-centric.

Innovation presentation

Indus Fast Remit (IFR) by IndusInd Bank emerged from a pressing need to modernize the remittance landscape for the evolving, digitally savvy NRI diaspora. Recognizing the challenges faced by NRI's in the traditional cross border payments process, the bank sought to innovate. Delving deep into customer pain points, the team envisioned a platform that would prioritize transparency, efficiency, and user experience. IFR is the culmination of this vision, a digital platform that seamlessly integrates real-time forex rates, a multi-partner approach, and user-centric features. IFR product in its avatar offered online inward remittance services to NRIs residing in US and Singapore.

Uniqueness of the project

IFR is not just a product; it is a testament to how technology & innovation can reshape core banking services. Here's how IFR stands out in its new avatar:

- Non Resident Indian (NRI’s) can send funds through choice of partner

- Platform is open for both IndusInd Bank account holders and non-account holder NRIs

- Offers seamless tracking of transfer to give complete transparency to customers

- Single Sign On for seamless experience for NRI customers of IndusIndBank

- Facility to open account through digital process for non-account holder NRIs

- Advanced algorithms & predictive analytics to provide the best forex rates

- Tailored solutions based on the individual's transaction history & preferences

- Automated compliance checks to meet the necessary regulatory requirements

- Scalable architecture designed to quickly adapt & evolve with changing market dynamics

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