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Federal Bank and UAE Exchange jointly launches ‘ FED FLASH’ instant remittance ‎to Accounts

01-17-2011 02:08 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: UAE Exchange

During the launch of Fed Flash

During the launch of Fed Flash

Federal Bank, the powerful contender in the Indian banking sector and UAE Exchange, the ‎leading global remittance and foreign exchange brand, today jointly launched an ambitious new ‎product FED FLASH which is deemed to usher in a new phase in remitting to bank accounts.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.‎

UAE Exchange is a leading global remittance and exchange house based in UAE, with direct ‎operations spanning 23 countries across five continents with close to 500 direct offices. With ‎correspondent banking relationship covering more than 150 global banks, and associations with ‎many leading brands globally to bring several value-added products to customers, UAE ‎Exchange provides unmatched service in the industry to a wide customer base of around 3.5 ‎million, worldwide. In UAE, the brand has a leading presence with a network of over 90 branches ‎covering all the Emirates. For more information, log on to www.uaeexchange.com. ‎

UAE Exchange
Hamdan Street, Al Saigh Building
PO Box 170, Abu Dhabi
UAE

Manager Media relations
media.relations@uaeechange.com

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