Abu Dhabi -- (SBWire) -- 01/16/2011 -- Fed Flash, as the name signifies, is a real-time account credit product, which significantly reduces lead time by taking on conventional methods of remittance.
The prodigious product was unveiled at a grand event held in Kochi, attended by Mr. Shyam Srinivasan MD & CEO of Federal Bank and Mr. Sudhir Kumar Shetty, COO, Global operations, UAE Exchange among other senior officials from both institutions and other invitees.
Fed Flash enables Federal Bank customers to remit money real-time into to their accounts through any of the UAE Exchange branches overseas, to all branches of Federal Bank covering the length and breadth of India. A significant feature of this product is that it not only credits the account in minutes, but also completes its product cycle in a fully automated environment. The moment the account is credited, the remitter shall receive an SMS in his mobile and at the same time the beneficiary in India too gets the credit confirmation SMS. This feature takes out apprehension both at the 'Send' and 'Receive' sides of remittance, and saves on follow-up costs.
Speaking on the occasion, Mr. Surendran, Dy. General Manager, International Banking Department of Federal Bank, said, "Fed Flash brings to the fore, the spirit of more than three decades of global remittance leadership of UAE Exchange now present across 23 countries worldwide, and the capabilities of Federal Bank in the Indian banking scenario, and symbolizes the strong partnership between the two financial brands which benefits millions of customers every year. Trust, which customers have invested on both the brands, will be reinforced further with an innovative product like Fed Flash, which would be the new face for remittance to India."
Mr. Pramod Manghat, the Vice President, Global Operations, UAE Exchange, added, "Remittance has evolved quite a bit from the earlier days when the remitter had to wait for days together to be convinced that the designated account has been credited, which involved many ISD calls too. Technology has ensured that the aspirations of remitters were well met, with several product innovations which has helped cut down on the lead time for account credit, and minimizing the anxiety of the remitter. Fed Flash is the latest of the products the technology has to offer to the remitters who want to send money to Federal Bank accounts in India, who can rest assured that the beneficiary account is credited immediately when he does a transaction in a UAE Exchange branch anywhere. Fed Flash indeed would be the next dimension of remittance technology."
About Federal Bank
Federal Bank, incorporated in the year 1931, has grown to the stature of the 4th largest private sector bank in India, having at present 737 branches and 775 ATMs spread all over India. The Bank offers Internet banking, Mobile banking, on-line payments, depository services, RTGS / NEFT facility, VISA International Debit Cards, insurance / mutual fund products and also sells imported Suisse pure gold coins. As on date the bank is having remittance arrangements with more than 52 institutions throughout GCC countries and correspondent banking arrangements with 18 International Banks Globally.
Federal Bank, UAE Exchange Jointly Launches Fed Flash Instant Remittance to Accounts
Federal Bank and UAE Exchange launched an ambitious new product Fed Flash which is deemed to usher in a new phase in remitting to bank accounts