UAE Exchange, a leading foreign exchange and payment solutions brand, has tied up with India’s Yes Bank to integrate its instant credit facility with IMPS (Immediate Payment Service) for real time bank transfers to any bank in India.

IMPS is a network of banks in India, launched by National Payments Corporation of India (NPCI).

With the integration of FLASHremit into IMPS, customers of UAE Exchange can enjoy real-time credit into any bank in India 24/7/365 days. Remitters would also receive confirmation of credit status by SMS.

Promoth Manghat, deputy CEO, UAE Exchange, said: “We have a strong and long relationship with Yes Bank and I am sure that this innovative product will further strengthen this relationship, bringing more value to our customers.”

“This service enables our customers not only to get the money transferred to the desired bank account within minutes, but also get a SMS notification when the amount reaches the bank account.”

Arun Agrawal, group president, International Banking, Yes Bank said: “Yes Bank is proud to partner with UAE Exchange in introducing this innovative technology to transfer money from GCC Countries to India at lightning speed.”

“This service will provide great convenience to our customers in GCC which is an important focus region for Yes Bank, and provide an instant credit confirmation to them for deposits into their recipients’ accounts. This initiative based on the IMPS platform reinforces Yes Bank’s commitment to emerge as a meaningful player in the Innovation & Digital Banking space.”

UAE Exchange serves over 7.9 million customers and their dear ones, worldwide. Currently it has over 750 branches across 32 countries, and is the world’s largest networked remittance brand, a statement said. – TradeArabia News Service