Barclays and TimesofMoney have partnered to launch an online remittance service that enables the bank's UK customers to send money to India.
Barclays Online Money Transfer - based on technology from payments and remittance service provider TimesofMoney - is targeted at the bank's large non-resident Indian customer base.
It will enable customers in the UK to send payments of between £250 and £3000 online directly to any Barclays account anywhere in India. The services will be extended in the near future to customers in other countries who wish to send money to India.
Samir Bhatia, MD, India and Indian Ocean, Barclays Global Retail and Commercial Banking, says: "Having partnered with TimesofMoney, with their strong technology and risk management capabilities, we are now able to offer a convenient and secure remittance service to our customers, cementing our position in this market."
Barclays will be looking to tap an increasingly lucrative market with its new platform. A March 2007 report from Aite Group suggests that global remittance volumes will reach $5 trillion by 2010.