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Money Gram Expands Into India With Federal Bank Partnership

Federal Bank has partnered with blockchain payments company Ripple to facilitate cross-border payments, according to reports.

Federal Bank confirmed the collaboration in an announcement to the Bombay Stock Exchange on Thursday (March 28).

“This is to inform Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network,” the announcement said. “Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secured.”

Let us rewind to a statement made by Asheesh Birla:

“That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos. And so now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.”

 

Today we get news that MoneyGram has made a massive stride into India as they have partnered with the Federal Bank of India. Federal Bank is a Private Sector, scheduled commercial bank in India, headquartered in Aluva, Kochi. The Bank also has its Representative Offices abroad at Abu Dhabi and Dubai.

With a customer base of 10 million, including 1.5 million NRI customers and a large network of remittance partners across the world, Federal Bank claims to handle more than 15% of India’s inward remittances. The Bank has remittance arrangements with more than 110 Banks/Exchange Companies across the world. The Bank is also listed in the BSE, NSE and London Stock Exchange and has a branch in India’s first International Financial Services Centre (IFSC) at GIFT City in Gujarat.[

MoneyGram Payment Systems has partnered with the Federal Bank to offer a cost-effective direct to bank account credit option for customers in India. Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.

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