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ICICI Bank launches ‘InstaFX’ mobile app: Key features, other details explained

A pedestrian walks past an ICICI Bank Ltd. branch in Mumbai, India, on Friday, Dec. 4, 2020. Home sales in India's commercial capital jumped to an eight year high in October, according to data from Knight Frank, marking an abrupt turnaround for a market that's spent three years in the doldrums after a�prolonged shadow banking crisis�strangled access to credit. Photographer: Dhiraj Singh/Bloomberg (Bloomberg)Premium
A pedestrian walks past an ICICI Bank Ltd. branch in Mumbai, India, on Friday, Dec. 4, 2020. Home sales in India's commercial capital jumped to an eight year high in October, according to data from Knight Frank, marking an abrupt turnaround for a market that's spent three years in the doldrums after a�prolonged shadow banking crisis�strangled access to credit. Photographer: Dhiraj Singh/Bloomberg (Bloomberg)

  • ICICI Bank is the first bank in the country to offer such facility to money changers
  • InstaFX mobile app allows authorised money changers to complete KYC verification of new customers digitally

Mumbai: ICICI Bank today announced the launch of a new mobile application for authorised money changers to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ swiftly. Called ‘InstaFX’, the app enables the authorised money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of up to two-days. ICICI Bank is the first bank in the country to offer such facility to money changers.

“InstaFX mobile app enhances the convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast." Sudipta Roy, Head- Unsecured Assets, ICICI Bank said.

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Here are the key features of ‘InstaFX’:

1) Real-time Permanent Account Number (PAN) validation: The app enables money changers to validate the customer’s PAN from NSDL, the customer’s name and date of birth from his/her PAN card as well as the status of the PAN card instantly

2) Real-time passport validation: The money changers can validate the customer’s passport instantly through the MRZ code and further against PAN data for name and DOB.

3)Instant photo: The customer’s live picture can be captured and validated against their passport photo.

The ‘InstaFX’ app can be downloaded and operated from any Android devices. Customers can avail the ‘ICICI Bank Forex Prepaid Card’ by visiting the partner money changer outlets in cities or at airports across the country.


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