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ICICI Bank, Westpac tie up for remittance platform

ICICI Bank has partnered with Australia’s Westpac Banking Corporation to offer Indian students a completely online payment solution through its ‘Money2World’ (M2W) platform for outward remittances. Indian residents, who are customers of any bank in India, can initiate an online remittance to make fee payments to an Australian university at a fixed exchange rate from the comfort of their homes, any time. ICICI Bank and Westpac have partnered with La Trobe University, one of the well-known universities in Australia, for this initiative. ICICI Bank aims to tie up with other universities and colleges in Australia. The transactions carried out by students using the Money2World platform is integrated with Westpac’s ‘PaymentsPlus’, a banking and reconciliation solution for universities and colleges. This facility significantly enhances convenience for students as it simplifies a lengthy paper-intensive process to a completely paperless and online facility that eliminates multiple visits to a bank branch. It also shortens the fee transfer process to a few days without levying any additional charges.

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