Transfast, State Bank of India ink remittances deal

Transfast, a provider of remittance solutions with a presence in more than 125 countries, has entered an agreement with India's largest FI, State Bank of India, to enable the Indian community residing in the United States to send money transfers seamlessly to their bank accounts in India.

The direct integration will add speed and traceability to transactions from the U.S. to India, a press release said. According to World Bank data, such remittances totaled nearly $11 billion in 2016.

"The State Bank of India is one of the most reputable and far-reaching financial institutions in India, and it is an honor to tie up with them for the betterment of the Indian community," Transfast CEO Samish Kumar said in the release. "Through this arrangement we will provide our large Indian customer base with the ability to deposit money speedily into SBI bank accounts and other bank accounts in even the remotest areas of India." 

As of 2015, Indians made up the second-largest immigrant group in the U.S., at 2.4 million.

Topics: Bank / Credit Union, Networking / Connectivity, Transaction Processing, Trends / Statistics

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