Indian bank Axis Bank has gone live with Fundtech's flagship cash management solution, Global CASHplus, for remittances.
By automating the money transfer process for retail customers, Axis Bank is able to process higher transaction volumes and achieve improved control. This helps the bank capture a larger market share in the fast growing remittances business in India, according to Fundtech's press statement.
The service, which is branded as AxisRemit, will be able to accept inward remittances from Canada, Hong Kong, Singapore, the United Arab Emirates, UK, U.S. and 18 European countries using the Euro. The service will first require the remitter to choose from any funding method - Automated Clearing House, online transfer or Smartwire. After which, remitters can simply deposit the funds into an Axis Bank account or electronically transfer the money to another bank account.
Sanjay Dalmia, CEO of Fundtech India, said: "We're delighted that Axis Bank is able to realise its vision of implementing a multi-country and multi-currency remittance solution from a single implementation."
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