Federal bank and Mashreq bank revamp money transfer

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Federal bank and Mashreq bank

Federal Bank has gone into an essential tie-up with Mashreq Bank to work with cash moves from the UAE to India by supporting the latter’s faster payment product QuickRemit. It was launched back in 2017 and has been fully functional ever since. Because of the association, Mashreq clients can appreciate considerable investment funds just as keep on sending cash quickly to India from the accommodation of their home or office, from Mashreq’s on the web and mobile banking platform for most portability on transactions.

As of now, it’s clear that Mashreq is probably the most established bank in the UAE and has a presence in twelve nations across Europe, the US, Asia, and Africa. It is additionally the just exclusive bank in the UAE.  A year ago, Mashreq Bank banded together with NIUM, a cross-border online payment organization, to grow its current QuickRemit administration to in excess of 35 nations around the world and that’s not all.

The understanding made it one of the primary banks in the UAE to offer moment and same-day credit offices to such countless spots, including the UK, Singapore, Philippines, Australia, Canada, Sri Lanka, and a dominant part of European nations.

“With a market share of 17% in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business is testimony to our mantra “Digital at the fore, human at the core. A fully end-to-end automated solution will ensure that customers get the benefit of instant transfers in a safe & secure manner and the Indian diaspora in the UAE will surely benefit from this,” said the Executive Director of Federal Bank, Shalini Warrier.

“In particular, this tie-up will help to support our popular QuickRemit service to strengthen our India corridor which has grown significantly over the years – and providing our customers with fast, on-the-go solutions to transfer funds instantly and conveniently to their home-country – an imperative in today’s highly digitalized environment,” said the Executive Vice President, Head of Consumer Banking at Mashreq Bank, Tooran Asif.

Federal bank and Mashreq bank