Transfast, a leading international money transfer company, and YES Bank, India's fourth-largest private-sector bank, today launched a first-of-its-kind, instant money transfer service to banks across India. This service operates via the National Payments Corporation of India (NPCI) core platform.
TRANSFAST is the first money transfer company worldwide to be live with NPCI's Immediate Payment Service (IMPS) capability for international money transfers. This enables TRANSFAST customers to make instant deposits--both online at TRANSFAST.com and at agent locations--to Indian banks from the Americas, Europe, and Asia. Instant transfers are available 24x7x365, even on holidays and during non-banking hours.
Samish Kumar, CEO of TRANSFAST, stated: "Together with our partner, YES BANK, we are the first money transfer company that offers instantaneous bank deposits via NPCI. With our continued investment in technology, TRANSFAST offers customers an unparalleled combination of value, convenience, and service. "
Arun Agarwal, Group President International Business Division, MNC and Transaction Trade Banking of YES BANK stated "YES BANK is proud to partner with TRANSFAST.com in introducing this innovative technology to transfer money to India at lightning speed. This service will provide great convenience to our customers around the world and provide an instant credit confirmation to them for deposits into their recipients' accounts. This initiative reinforces YES BANK's commitment to provide a superior banking experience for our customers."