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ICICI Bank launches "Insta Netexpress" assured rate money transfers using Money2India.eu platform

Source : SIFY
Last Updated: Wed, Nov 21, 2012 08:48 hrs
​ICICI Bank

Frankfurt/Munich: ICICI Bank UK PLC, Frankfurt (ICICI Bank) has announced the launch of "Insta Netexpress" service through its online platform www.money2india.eu for Indians living in Germany. This service offers an assured exchange rate and faster transfer time for users who wish to send money to India.

Money2India.eu is a web-based online money transfer tracking platform which facilitates tracking of money transfers from 17 Eurozone countries to beneficiaries in India. Insta Netexpress will be offered to Money2India.eu users in Germany in association with PAY.ON AG. This service will offer competitive exchange rates, no processing fee or service charges, faster transfer time and dedicated toll free telephone support.

Users will benefit from this cooperation and experience simple and fast access to international payment schemes. With PAY.ON's local presence, ICICI Bank will be able to meet customer needs better and provide a faster, more efficient service.

Commenting on the launch an ICICI Bank spokesperson said, 'We shall leverage the synergies between Money2India.eu and PAY.ON to offer yet another innovative solution to our users, where money can reach the beneficiary within 24 hours and the exact exchange rate applicable can be known at the time of sending money."

Dr. Tschangiz Scheybani, Managing Director of PAY.ON Asia further said, "We are happy to partner with a global player like ICICI Bank for our processing platform 'PaySourcing' as we are constantly experiencing a growing customer demand for online payment activities. The PAY.ON technology enables online payments by classical as well as alternative payment methods, thus enabling ICICI Bank to serve its clients by integrating solutions that specifically meet their payment demands."

About ICICI Bank UK PLC, Frankfurt branch:

ICICI Bank UK PLC, Frankfurt branch has been active in the German retail market since February 28, 2008. It focuses on corporate clients with close links between Germany and India. ICICI Bank UK PLC, Frankfurt branch is a member of the Association of German Banks (Bundesverband deutscher Banken) and is regulated by the British Financial Services Authority (FSA) and the German Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin).

About ICICI Bank Limited:

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over US$ 119 billion as on September 30, 2012. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's global presence currently spans across 19 countries. Its ICICI Bank UK PLC subsidiary is in charge of retail and corporate banking business as well as investment banking in the United Kingdom and other European countries.

About PAY.ON:

PAY.ON AG is the world's leading provider for web-based payment infrastructure services and provider of the payment processing platform 'PaySourcing' as well as of the routing gateway 'PayPipe'. 'PaySourcing' allow clients to outsource all payment and risk management processes into the cloud or to become a payment service provider in a cost-, time- and resource-saving way. 'PayPipe' is a high-performance routing gateway, which connects payment market participants worldwide by using only one API. 'PayPipe' accelerates the global availability for all market participants like no other network. Accordingly, transactions are processed in all payment methods in any currency across all systems. Every PAY.ON system is PCI-DSS certified and therefore compliant with the international payment standards and requirements.

For more information, visit: www.payon.com

DISCLAIMER:

Except for the historical information contained herein, statements in this document which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and/or other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice.

The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

The product and services mentioned in the press release are provided by ICICI Bank UK PLC, Frankfurt Branch ("ICICI Bank"). It is regulated by Financial Services Authority ("FSA") and Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) and maintains its office in Frankfurt, Germany. ICICI Bank is a branch of ICICI Bank UK Plc which is authorised and regulated by the FSA and its registered office is One Thomas More Square, London E1W 1YN and is subject to the laws of England and Wales. The products and services provided by ICICI Bank are subject to product/service specific terms & conditions. The information contained in this press release is not intended to nor should it be construed to represent that ICICI Bank provides any products or services in any jurisdiction where it is not licensed or registered or authorized to do so. Depending on your current or permanent country of residence some of the products and services might not be available to you. ICICI Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance to anything set out herein.

For further inquiries, please contact:

Sujit Ganguli
Head - Corporate Communications and Brand Group
ICICI Bank Ltd.
Bandra Kurla Complex,
Mumbai – 400051
Email – ganguli.sujit@icicibank.com


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