Federal Bank ties up with Remitware Payments to offer money transfer facility via Mobile from Canada to India

Federal Bank ties up with Remitware Payments to offer money transfer facility via Mobile from Canada to India

Mumbai, May 4, 2017: Federal Bank has entered into a tie-up with Remitware Payments Canada Inc – a money transfer company, which uses the Online Remittance app – Remitr to facilitate money transfer from Canada to India and its latest Lyra platform for facilitating various types of business payments. Lyra enables businesses to pay their suppliers, contractors and employees in India while Remitr mobile app offers individual customers, a quick and cost effective online remittance solution for transferring money. Remitware Payments’ global platform eliminates the traditional wire transfer process commonly used by banks across the world.


The company offers a number of benefits like: 

1.         24x7 money transfer and remittance facility

2.        Convenient and Easy sign up

3.        Transparent and fair exchange rates

4.       Fully compliant with local Canadian regulations


Speaking on the occasion, Mr. Jose Skaria, Assistant General Manager & Head-International Banking Department said ‘We are pleased to announce our online Rupee remittance tie up with Remitware Payments Canada Inc. NRIs and small business in Canada will now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India.”

Remitr leverages the latest technology to offer customers an unparalleled user experience. Customers can enjoy substantial savings by using this new platform.

Speaking on the occasion, Mr  Sandeep Jhingran – Chief Operating Officer of Remitr  said “ We are a technology company re-inventing the way money moves between countries. Our association with Federal bank is the first step towards building an efficient, secure and technologically advanced cross-border payments mechanism between Canada and India. Canada is the second market, after United Arab Emirates, where we have launched the Remitr money transfer app.”


About Federal Bank: 

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,667 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.71 Lakh Crore as at March 31, 2017 and it has earned a net profit of Rs 830.79 Crore.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 12.39% at the end of March 31, 2017.  Federal Bank has its Representative Office at Dubai and Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress. During FY 17 the bank handled around 15 % of the total personal inward remittance to India.


About Remitware Payments Canada Inc: 

Remitware Payments Canada Inc is a group company of Remitware Payments Inc – a US headquartered payments Technology Company. Remitware provides a cutting edge International payments & settlements platform built for modern commerce from the ground-up, applying the latest in Internet technology coupled with strong banking partnerships across the world. Remitware has operations in Toronto- Canada , Dubai – UAE and Mumbai – India. Remitware is a global startup, bringing together diverse talent in North America, India and Middle East to work towards the global vision of secure, cost-effective & instant cross-border payments. Remitware is founded by experienced entrepreneurs & bankers and is funded by marquee angel investors from India, Singapore, UAE, UK & USA.