Axis Bank launches new online Remittance Service

In alliance with Times of Money Limited

Axis Bank, India's leading private sector bank, with a substantial NRI customer base, has tied up with TimesofMoney, India's number one non-bank e-payments service provider to launch AxisRemit, the Bank’s own branded online remittance service. With AxisRemit the Bank will provide high-speed online money transfer services for NRIs belonging to major geographies viz. USA, UK, Euro Zone (Euro Currency Area), Canada, Australia, Singapore, Hong Kong and UAE using Times-of-Money’s white-labeled state of the art remittance platform & know-how.

TimesofMoney’s white-labeled 'hosted on demand' solutions will provide the technology platform for AxisRemit. The back-office functions relating to remittances would also be handled by TimesofMoney. This alliance integrates Axis Bank’s core strengths in NRI Banking and service delivery with TimesofMoney’s domain knowledge and technical expertise in cross border remittances, creating a smooth and satisfying remittance experience to NRIs situated across the globe.

 

Speaking on the launch, Mr. Hemant Kaul, Executive Director for Retail Banking, Axis Bank said, “AxisRemit is the new online Remittance service from Axis Bank, representing a significant entry of the Bank into the fast growing remittance business. Under this service, NRI customers in USA, UK, Europe, Australia, Singapore, Hong Kong and UAE would be able to use AxisRemit to transfer money online from their local bank account to the receiver’s account anywhere in India. In recent years there has been a large-scale migration of NRIs to online remittance channels from traditional remittance routes and we intend to be a major player in this arena. The key strengths of AxisRemit will be our transparent pricing policy, superior customer service and faster Turn-Around-Time.”

Speaking on the initiative, Mr. Avijit Nanda, President, TimesofMoney, said, “We are proud to partner with Axis Bank to launch this very significant service for NRIs and be an enabler of the cross border flows that make India the world’s largest destination of inward remittances. With the extension of our white labeled solutions, our partners will be able to conduct their business with a high level of security and more convenience.”

About Axis Bank:
Axis Bank is a fast growing private sector Bank in India. We offer a vast spectrum of services encompassing Large and Mid Corporate Banking, SME Banking, Agri-Business Banking and Retail Banking. The Bank’s network in India spans more than 700 branches and over 3000 ATMs. The Bank has embarked on creating a footprint in Asia and today has a presence in the major financial cities of Singapore, Hong Kong, Dubai and Shanghai. Axis Bank is driven by a constant endeavour to bring a sharper focus to the requirements of its customers.

The Bank has the third largest ATM network in India and has the third largest base of debit cards in the country, and also has the second largest EDC network in India. Axis Bank has a customer base of over 10 million and provides payroll services to over 12,000 corporates across 2.8 million salary accounts.