Indian private sector lender Axis Bank has implemented Fundtech’s cash management solution, called Global CASHplus, for remittances.
Fundtech claims that its platform will enable Axis Bank to efficiently process cross border remittances by automating the money transfer process for retail customers.
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Additionally, the solution will also help bank achieve greater operational efficiency, improved control, and offer customers a differentiated customer experience, the technology firm added.
According to Fundtech, the solution will enable Axis Bank to process higher transaction volumes to capture a larger market share in the fast growing remittances business.
Using the platform, the bank launched a service, branded as AxisRemit.
The service will allow Axis Bank to accept inward remittances from Canada, Hong Kong, Singapore, the UAE, the UK, the US and the 18 European countries that use the Euro.
With AxisRemit, remitter can deposit funds into an Axis Bank bank account, or electronically transfer the funds to another bank account through any funding method including ACH, online transfer or Smartwire.
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By GlobalDataFundtech India CEO Sanjay Dalmia said: "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."
