Wise Platform Secures The First Bank Integration In India

Induslnd Bank has confirmed a partnership deal with the Wise platform. Wise is a global fintech company that has specialized in instant cross-border payments to provide online inward remittance services. These services are available to Non-Resident Indians (NRIs) that have their residence in Singapore and the United States.

Wise gets first bank integration in India

The partnership involves Wise and the multi-partner remittance service platform for Induslnd Bank known as Indus Fast Remit. The collaboration will allow Non-Resident Indians to access a multi-currency inward remittance service.

The partnership will also mark the launch of the Wise infrastructure in India. The announcement also happened at around the same time as the International Day of Family Remittances.

This partnership will also allow the customers of Induslnd Bank’s Indus Fast Remit to transfer funds from Singapore and the United States at competitive forex rates. This process will be achieved with complete transparency regarding the rates and the exact credit amounts without a markup.

Traditional cross-border money transfer services are enabled by financial institutions. Cross-border money transfer services usually incur high costs and some hidden charges. However, fintech platforms such as Wise have stepped in to solve this challenge and ensure cross-border payments become easier.

A recent study that was done by Capital Economics that was published in 2020 said that the people that are sending money to India from abroad had been paid more than Rs 21,900 crores worth of foreign exchange rates, such as hidden fees and transaction charges.

The customers of Induslnd Bank are in a position to access the fast and cost-effective global money transfer services that are enabled by Wise. These services are supported through the Indus Fast Remit or other internet banking platforms. Moreover, around 55% of the transfers supported in the Wise platform are instant, and it takes less than 20 seconds to finalize.

A competitive and cost-effective solution

The head of Consumer Banking and Marketing at Induslnd Bank, Soumitra Sen, has expressed pride in a partnership deal with the Wise platform for a revamped Indus Fast Remit platform. The platform allows NRIs to have a cost-effective and competitive solution that will support seamless transfers in India.

Sen has also said that he is anticipating significant traction among NRIs. The platform will allow them to have a comprehensive remittance solution that will meet their needs by giving them a low-cost and more efficient solution.

The Country Manager at Wise India, Rashmi Satpute, has also remarked on the development saying that the company was committed to making money transfers fast, cheap and more transparent globally.

Satpute further said that the launch of the Wise platform in India was made possible with Induslnd being the first partner. Satpute has also said that the partnership deal between Wise and Induslnd aligned with the shared vision of the two platforms to modernize the global financial industry.

Wise is one of the largest payment platforms, and it is now supported by more than 60 banking institutions and businesses globally.