ICICI Bank UK, a wholly owned subsidiary of ICICI Bank, has partnered with payments service provider Inpay to introduce Money2India Europe, an online money transfer service in Sweden, Norway and Denmark.
The remittance service will allow residents in these countries to transfer funds from their local bank account to any bank account in India.
Money2India Europe service, which is now available in 20 nations across Europe, provides a video-call based identification procedure to verify registered users from its website.
ICICI Bank executive director Vijay Chandok said: “Our focus is to offer state-of-the-art digital products to our valued customers. With NRIs being away from the country, digital channel becomes a very powerful tool for them to connect with India.
“The video identification process is a unique feature of the Money2India Europe service to enhance customer convenience. With the expansion of Money2India Europe, we intend to comprehensively fulfill the money transfer needs of the NRI diaspora in Sweden, Norway and Denmark.”
Inpay CEO and founder Jacob Tackmann Thomsen said: “Sweden, Denmark, and Norway are three of the most innovative markets in Europe, where digital payment innovation is ahead of the global developments. At Inpay we are very pleased to support one of the leading global banking brands and its proprietary remittance platform by providing bank account collections.
“We see this as an excellent example of how Inpay as a FinTech company enables clients such as ICICI Bank UK PLC to provide their customers with even better services and do it at a go-to-market speed that was previously impossible.”
Euro (EUR), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK) are the currencies allowed for remittance service.