IndusInd Bank partners with NPCI to offer cross border payments

IndusInd has partnered with the NPCI for offering real time cross border remittances to India using UPI IDs, for its money transfer operator partners, the bank said in a statement.

The statement read, “With this initiative, IndusInd Bank ahs become the first Indian Bank to go live on UPI for cross border payments. Under this arrangement, the MTOs will be using the IndusInd bank channel to connect with NPCI’s UPI payment systems for validation and cross border payment settlement into beneficiary accounts”.

IndusInd Bank has started off with Thailand based financial solutions provider offering money transfers and foreign currency exchange services. Clients using DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.

IndusInd Bank also plans to add partners in several other countries for cross-border payments via UPI in the near future.

Speaking about the partnership, Mr. Soutmitra Sen, Head Consumer Banking & Marketing, IndusInd bank said, “At IndusInd Bank, it’s been our constant endeavour to bring forth path breaking propositions that provide clients with a seamless banking experience. In keeping with this approach, we are proud to partner with NPCI to introduce the nation’s first UPI based cross border remittance facility”.