IndusInd Bank & Viamericas team to launch digital remittances platform for NRIs

By Gloria Mathias

IndusInd Bank has collaborated with Viamericas Corporation to offer digital inward remittance services to non-resident Indians (NRIs) in the USA through IndusInd Bank’s ‘Indus Fast Remit’, a remittance service platform.

This collaboration enables NRIs to benefit from highly competitive exchange rates for digital inward remittances to India. The platform will allow NRIs to book remittance transactions through auto debit payment mode (Automated Clearing House, ACH) as well as transfer funds through the overseas bank account. Viamericas Corporation will use its existing IndusInd Bank Vostro relationship to credit the beneficiary account in India using the RDA scheme of the RBI.

IndusInd Bank’s digital remittance platform will provide customers with complete transparency into the status of payment requests, the exact INR amount to be received by the beneficiary, and the expected time for delivery of funds.

Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said, “IndusInd Bank’s engagement with Viamericas is designed to achieve strategic outcomes that support our vision of being the preferred bank for the Indian diaspora by providing relevant financial and banking solutions. We believe this initiative will offer a much simpler and more efficient remittance experience to NRIs. We are confident that this collaboration will act as one of the major contributing factors towards the evolution of cross-border payments. With changes in lifestyle, we have observed a substantial change in the banking expectations of customers, and we as a bank are poised to deliver the rich banking experience that our customers demand.”

“We welcome the launch of this collaboration with IndusInd Bank as an excellent way for NRIs living in the United States to send money back home to India,” said Paul Dwyer, CEO, Viamericas Corporation. “Engaging with IndusInd Bank has been a great opportunity to increase our presence in this market while facilitating IndusInd’s ability to provide additional financial and banking services to their current and future customers.”