Eyeing the growing three million population of Indians in the US, Xoom Corporation, a money transfer provider, and India-based Punjab National Bank have partnered to introduce an instant bank deposit service using the Immediate Payment Service platform (IMPS).
The new service, which would target the non-resident Indian (NRI) population that remitted over $10,844 million to India in 2013, would enable money transfers to over 64 IMPS banks in India.
It would provide instant electronic account-to-account fund transfer service 365 days a year, according to the Economic Times. The service can be availed using the Xoom app for iOS or Android for free and can be remitted using any mobile device.
“Xoom is committed to providing ‘instant’ in all of our services,” said President and CEO John Kunze of Xoom. “Thanks to the great partnership with Punjab National Bank and the IMPS system, the families of Xoom users will receive their deposits instantly.”
Managing Director and CEO AP Hota of National Payments Corporation of India (NPCI), the umbrella organization of all retail payment systems in India, said the that IMPS is the future of remittance and the service is a new standard in helping NRI’s remit money.
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