IndusInd Bank teams up with Viamericas

IndusInd Bank has announced a strategic partnership with Viamericas Corporation to offer advanced digital inward remittance services to Non-Resident Indians (NRIs) in the USA through their platform, "Indus Fast Remit." This collaboration enables NRIs to benefit from highly competitive exchange rates for digital inward remittances to India.

The platform allows NRIs to book remittance transactions through the auto-debit payment mode (Automated Clearing House - ACH) or transfer funds through their overseas bank account. Viamericas Corporation will leverage its existing IndusInd Bank Vostro relationship to credit the beneficiary account in India using the Rupee Drawing Arrangement (RDA) scheme of RBI.

The digital remittance platform provides customers with complete transparency into payment request statuses, the exact INR amount to be received by the beneficiary, and the expected delivery time for funds. Existing IndusInd Bank customers can also initiate payment requests conveniently through the Bank's Internet banking platform.

Mr. Soumitra Sen, Head of Consumer Banking and Marketing at IndusInd Bank, expressed, “We believe this initiative will offer a much simpler and more efficient remittance experience to NRIs... With changes in lifestyle, 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.”

Paul Dwyer, CEO of Viamericas Corporation, welcomed the collaboration, highlighting its positive impact on NRIs in the United States, providing them with an efficient means to send money back to India.

"Indus Fast Remit" is a digital platform facilitating remittances to India, with a focus on Non-Resident Indians (NRI). The service provides users with access to Exchange Houses and Money Transfer Companies offering competitive rates, all accessible through a single sign-on and an end-to-end digital journey. The remittance service is offered through licensed overseas Exchange Houses and Money Transfer Companies, with the amount being transferred to the beneficiary’s account in India under RBI’s Rupee Drawing Arrangement (RDA) Scheme.