New York and Mumbai, India, July 17, 2014 (GLOBE NEWSWIRE) -- TRANSFAST, a leading international money transfer company, and YES BANK, India's fourth-largest private-sector bank, today launched a first-of-its-kind, instant money transfer service to banks across India. This service operates via the National Payments Corporation of India (NPCI) core platform.
TRANSFAST is the first money transfer company worldwide to be live with NPCI's Immediate Payment Service (IMPS) capability for international money transfers. This enables TRANSFAST customers to make instant deposits--both online at TRANSFAST.com and at agent locations--to Indian banks from the Americas, Europe, and Asia. Instant transfers are available 24x7x365, even on holidays and during non-banking hours.
Samish Kumar, CEO of TRANSFAST, stated: "Together with our partner, YES BANK, we are the first money transfer company that offers instantaneous bank deposits via NPCI. With our continued investment in technology, TRANSFAST offers customers an unparalleled combination of value, convenience, and service. "
Arun Agarwal, Group President International Business Division, MNC and Transaction Trade Banking of YES BANK stated "YES BANK is proud to partner with TRANSFAST.com in introducing this innovative technology to transfer money to India at lightning speed. This service will provide great convenience to our customers around the world and provide an instant credit confirmation to them for deposits into their recipients' accounts. This initiative reinforces YES BANK's commitment to provide a superior banking experience for our customers."
About TRANSFAST:
TRANSFAST, a fast-growing, international, money transfer and payments company in the $436 billion annual global remittance industry, operates a proprietary network of over 200,000 payment points across more than 100 countries in the Americas, Asia, Europe, and Africa. TRANSFAST's cutting-edge technology and systems enable the company to reach a large and broad market. TRANSFAST pioneered the e-money transfer solution and has brought to market products such as international instant bank deposits - enabling customers to send money instantly to recipient bank accounts 24x7x365. TRANSFAST, licensed in over 50 jurisdictions around the world including US, Canada, Europe, Asia, and Africa, is headquartered in New York City with offices in Asia, Africa, Europe, and Latin America.
About YES BANK:
YES BANK, India's 4th largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge-driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals Bank of India with the long term mission of "Building the Best Quality Bank of the World in India" by 2020.