Payment Firm MoneyGram Partners with Federal Bank to expand Account Deposit Capabilities to Millions of Consumers in India

MoneyGram Payment Systems, Inc., a wholly owned subsidiary of MoneyGram International, Inc. , a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India. Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.

“Federal Bank is known throughout India as a pioneer in digitizing financial services, and we’re proud to partner with them to enable millions of people the option to receive money directly into their bank account,” said Grant Lines, MoneyGram Chief Revenue Officer. “This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.”

According to the World Bank, India remains the world’s top recipient of remittances and is estimated to have received more than $82 billion USD in remittances in 2019. Federal Bank enjoys a market share of more than 15% of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.

“We are pleased to announce our Rupee remittance tie-up with MoneyGram. Non-Resident Indians can now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India. At Federal Bank, we believe in “Digital at the fore, human at the core”. The tie up with MoneyGram is yet another example of how the Bank has used innovative technology to deliver a superior customer experience. Being a leading player in the remittance and Non-Resident space, we are confident that this tie-up with MoneyGram will provide huge benefits to customers” said Shalini Warrier, Executive Director of Federal Bank.

About MoneyGram International, Inc.

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with more than 70 countries now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.

About Federal bank

Federal Bank is a leading private sector bank with a branch network of 1,276 branches and 1,937 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits and advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

Soon You Can Transfer Money With Tweets Over Twitter

Who would have ever thought of combining the popular social networking site, Twitter and the popular bank service of transferring money together? The answer is- a French Bank called BPCE.

Groupe BPCE, which is considered to be the country’s largest bank, has recently launched a service which will allow people to transfer money through the social networking site with just a few clicks. This service can only be availed by individuals with valid French mobile numbers and bank accounts. This new feature will function by linking an individual’s Twitter account to the bank’s existing money transfer service.

The service named S-money will only allow people to transfer up to five hundred Euros through their Twitter accounts. This new feature introduced by BPCE is a sign of how technology is slowly but steadily seeping into the world of banking.

According to Nicolas Chatillon’s statement to The New York Times, “The service is instantaneous”. Nicolas is the head of the BPCE unit which is in charge of the project. He also added, “We’re trying to make life easier for Twitter users”. Chatilllon was the first one to approach the social networking giant with the idea over the summer.

The social networking site is currently working on a “buy” button that will get embedded in the posts and allow the Twitter users to buy products through their computers or Smartphones. The America based technology giant has not directly partnered with BPCE on the money transfer service. Instead, it has allowed the bank to incorporate its social network into the company’s own service of money transfer.

In order to transfer money using Twitter, users are required to post on the social networking site with the money service’s username, the Twitter handle of the person who will receive the sent money, the amount that needs to be transferred and hashtag “envoyer” for send in the French language.  The Twitter messages then automatically takes users to the bank’s money transfer product in order to complete the transaction. The Twitter messages will be visible to anyone and everyone, allowing people to see who has sent the money to whom on the social networking site.

A lot of tech based companies in the recent past have tried to find their footing in the banking sector. This all started when technology giant, Google, launched its online checkout service in 2007.

 

Soon You Can Transfer Money With Tweets Over Twitter

Who would have ever thought of combining the popular social networking site, Twitter and the popular bank service of transferring money together? The answer is- a French Bank called BPCE.

Groupe BPCE, which is considered to be the country’s largest bank, has recently launched a service which will allow people to transfer money through the social networking site with just a few clicks. This service can only be availed by individuals with valid French mobile numbers and bank accounts. This new feature will function by linking an individual’s Twitter account to the bank’s existing money transfer service.

The service named S-money will only allow people to transfer up to five hundred Euros through their Twitter accounts. This new feature introduced by BPCE is a sign of how technology is slowly but steadily seeping into the world of banking.

According to Nicolas Chatillon’s statement to The New York Times, “The service is instantaneous”. Nicolas is the head of the BPCE unit which is in charge of the project. He also added, “We’re trying to make life easier for Twitter users”. Chatilllon was the first one to approach the social networking giant with the idea over the summer.

The social networking site is currently working on a “buy” button that will get embedded in the posts and allow the Twitter users to buy products through their computers or Smartphones. The America based technology giant has not directly partnered with BPCE on the money transfer service. Instead, it has allowed the bank to incorporate its social network into the company’s own service of money transfer.

In order to transfer money using Twitter, users are required to post on the social networking site with the money service’s username, the Twitter handle of the person who will receive the sent money, the amount that needs to be transferred and hashtag “envoyer” for send in the French language.  The Twitter messages then automatically takes users to the bank’s money transfer product in order to complete the transaction. The Twitter messages will be visible to anyone and everyone, allowing people to see who has sent the money to whom on the social networking site.

A lot of tech based companies in the recent past have tried to find their footing in the banking sector. This all started when technology giant, Google, launched its online checkout service in 2007.