Federal Bank has entered into a partnership with MoneyGram Payment Systems, a wholly owned subsidiary of MoneyGram International, the global leader in cross-border P2P payments and money transfers, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India. Through this partnership, customers will be able to receive deposits directly in their bank accounts without leaving the confines of their homes. 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.
Grant Lines, chief revenue officer at MoneyGram, said this partnership is especially important during this ongoing COVID-19 pandemic so that families can receive money from the comfort of their own home. Shalini Warrier, executive director at Federal Bank, said 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” she added.
