To meet India’s growing demand for seamless cross-border transactions, Banking Circle will enable EbixCash World Money ('EbixCash'), a leading AD-II licensed foreign exchange and remittance provider in India, to offer faster and more transparent international money transfers.
This move will drive efficient and fully compliant international payments for Indian students and travellers, offering real-time tracking, lower charges and accelerated settlement. It also lays the foundation for scalable cross-border payouts capabilities, which will be extended to SMEs and corporate flows pending regulatory approval.
“By combining EbixCash World Money’s AD-II expertise with Banking Circle’s direct and local clearing, we are giving Indian students, travellers and businesses the speed, transparency and control they expect from a modern cross-border payments platform,” said T. C. Guruprasad, MD & CEO - Payment Solutions, EbixCash. “Opening our own multi-currency nostro is a structural shift - from agent-based transfers to infrastructure-grade payments - reducing costs and uncertainty while elevating compliance and customer experience.”
With Banking Circle’s local clearing infrastructure, EbixCash can now offer direct settlement via local rails across key corridors including the UK, EU, US, Canada, Australia, Singapore, and the GCC. Leveraging Backing Circle's virtual IBANs and structured references, this will also eliminate hidden costs, improves traceability and simplifies reconciliation - critical for universities, travel providers, and customers navigating complex documentation.
“We are creating a future-ready platform that will address current market gaps and redefine how India connects with the global economy. Our correspondent banking network coupled with EbixCash’s AD-II and remittance expertise will enable cross-border payments that are faster, more transparent, and fully compliant," said Mishal Ruparel, Chief Commercial Officer at Banking
Circle.
This development reinforces Banking Circle’s commitment to building embedded financial infrastructure tailored to local market needs, as part of its global expansion strategy.