IndusInd Bank unveils a significant partnership with Viamericas in support of the newly reimagined IRF platform

On October 25, 2023, IndusInd Bank announced changes in lifestyle, veiled an exciting strategic partnership with Viamericas Corporation, aimed at providing cutting-edge digital inward remittance services to non-resident Indians (NRIs) residing in the United States. Leveraging the power of IndusInd Bank’s ‘Indus Fast Remit’ platform, this collaboration opens the door for NRIs to access highly competitive exchange rates when sending digital inward remittances to India.

The Indus Fast Remit platform offers NRIs the flexibility to initiate remittance transactions using the auto-debit payment method (Automated Clearing House - ACH) or by transferring funds directly from their overseas bank accounts. Viamericas Corporation, leveraging its established IndusInd Bank Vostro relationship, will utilise the RBI’s RDA scheme to credit the beneficiary’s account in India.

IndusInd Bank’s digital remittance platform ensures customers enjoy full transparency throughout the process. This includes real-time updates on the status of payment requests, information on the exact INR amount to be received by the beneficiary, and an estimate of the expected delivery time for the funds. Existing IndusInd Bank customers will also appreciate the convenience of initiating payment requests through a single sign-on facility on the bank’s Internet banking platform, eliminating the need to visit physical bank branches or navigate through extensive paperwork.

Speaking about the collaboration, 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 lifestyle changes, we have observed a substantial change in banking expectations of customers and we as a bank are poised to deliver a 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, adding, “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.”

Indus Fast Remit serves as a digital platform designed to streamline remittances to India, focusing on the needs of non-resident Indians (NRIs). Users of the Indus Fast Remit platform will gain the advantage of accessing exchange houses and money transfer companies that provide competitive rates, all through a single sign-on process and a seamless end-to-end digital experience. This remittance service is facilitated in partnership with licensed overseas exchange houses and money transfer companies, ensuring the transferred amount reaches the beneficiary’s account in India through the RBI’s Rupee Drawing Arrangement (RDA) Scheme.