ICICI Bank launches 'Insta Netexpress'

Last Updated: Wed, Nov 21, 2012 23:03 hrs

Frankfurt/Munich, Nov 21 (IBNS): 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, said, "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."

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 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.

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'.

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