IndusInd Bank has signed an agreement with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances through Unified Payments Interface (UPI).
IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments/NRI remittances. Under this arrangement, Money Transfer Operator (MTO) partners of IndusInd Bank would use the bank's channel to connect with NPCI's UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI, IndusInd Bank said in a statement on Monday.
The bank has started the service with DeeMoney, a Thailand-based financial solutions provider offering money transfers and foreign currency exchange services. Customers using DeeMoney website can easily transfer funds just by adding the beneficiary's UPI ID. "IndusInd Bank also plans to add more partners in various other countries for cross border-payments via UPI in the near future," it said.
UPI for cross border payments will enable remitters to send money in a safe, secure, and convenient manner using only the UPI ID of their beneficiaries in India without having to remember the beneficiary account details, IFSC, visiting the bank, filling lengthy forms, etc.
( With inputs from ANI )
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