Fundtech, a market leader in global transaction banking solutions, today announced that India’s third largest private bank, Axis Bank, has gone live with Fundtech’s flagship cash management solution, Global CASHplus, for remittances.
The solution enables Axis Bank to efficiently process cross border remittances by automating the money transfer process for retail customers.
Using the solution Axis Bank will achieve greater operational efficiency, improved control, and be able to offer its customers a differentiated customer experience. The solution also gives Axis Bank the capability to process higher transaction volumes helping the bank to capture a larger market share in the fast growing remittances business. Fundtech’s remittance solution is also compliant with the requirements set forth in the amended Dodd-Frank Act for foreign remittance transfers.
The service, branded as AxisRemit, allows Axis Bank to accept inward remittances from Canada, Hong Kong, Singapore, the United Arab Emirates, the United Kingdom, the United States and the 18 European countries that use the Euro. Using AxisRemit, a remitter can choose from any funding method—ACH, online transfer or Smartwire. The remitter can then deposit the funds into an Axis Bank bank account, or electronically transfer the funds to another bank account.
Sanjay Dalmia, CEO of Fundtech India, says, “The go-live at Axis Bank is further confirmation of the competitive advantage Fundtech’s transaction banking solutions can bring to the table for banks, and in turn, their customers. We’re delighted that Axis Bank has been able to realize its vision of implementing a multi-country and multi-currency remittance solution from a single implementation.”