TimesofMoney ties-up with IDBI Bank

Facilitates online money remittance for the bank’s customers in UK

TimesofMoney, a leading payment service provider has announced a tie-up with IDBI Bank to launch the bank’s remittance service - ‘India Remit’ for its customers in UK. This association further strengthens the relationship between the two as it marks the second global remittance corridor set up from TimesofMoney after the same was launched for US. The bank will use TimesofMoney’s transaction processing capability to offer end-to-end online money transfer for its NRI customers in UK.

Under this arrangement, ‘India Remit’ will enable IDBI Bank’s customers in UK to directly transfer money online to any IDBI Bank in India. With this alliance IDBI Bank can offer a seamless, secure and quick money transfer service to its customers wherein they can directly transfer money from their bank account to the receivers account in India.

Speaking about this alliance, Mr. Avijit Nanda, President, TimesofMoney said “It is our constant endeavor to offer seamless & secure end-to-end online money transfer solutions to IDBI Bank’s customers. This tie-up strengthens our relationship with the bank as it marks yet another step to extend our convenient & secure money transfer solutions to the bank’s customers in UK & USA”.

Commenting on this alliance, Mr. O.V. Bundellu, Deputy Managing Director IDBI Bank said, “IDBI Bank is keen on providing its esteemed customers state of the art solution for their service needs. The tie-up with TimesofMoney is a significant step in this direction. The service will enable NRIs based in UK & USA to use the IDBI Bank’s network and enjoy benefits of account-to-account transfer to remit money online to beneficiary’s bank account held with any branch of any bank in India. The remittance service is extremely user friendly, and can be effected in fully secured manner from the comforts of home. IDBI Bank’s customers can avail this service by logging on to www.idbibank.com”

About TimesofMoney:

TimesofMoney is a leading payments service provider. It serves various financial institutions offering money transfer service. Its private label remittance service caters to global cross-border money transfer industry. Its industry standard platform provides transaction processing which is fully compliant with payment norms suiting regulatory framework in several countries worldwide. The company offers a proven, turnkey, end-to-end, fully compliant, outsourced money transfer solution as an alternative to building and maintaining an in-house platform. This flexible rule based platform provides full compliance and fraud/risk management modules, infrastructure and fully integrated back-end customer service with technical support. It has also been credited with Payment Card Industry Data Security Standard (PCI DSS) 1.2, which is a leading security standard for payment card processing.

The company offers a hosted network in which clients can choose to utilize the money transfer originating and receiving locations of TimesofMoney. It offers multi-channel global origination and delivery capabilities across various geographies. TimesofMoney’s extensive list of partners covers leading banks in India and includes Axis Bank, Bank of Baroda, Citibank, HDFC Bank, Barclays and other reputed banks.

About IDBI Bank

IDBI Bank Ltd. is a universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 588 branches and 1020 ATMs. The Bank has an aggregate balance sheet size of Rs. 1,72,402 crore as on March 31, 2009. IDBI Bank's operations during the year ended March 31, 2009 resulted in a net profit of Rs.859 crore.