Wise Platform, a global money transfer service, has secured its first bank integration in India with IndusInd Bank. The integration is aimed at enabling non-resident Indians (NRIs) living abroad to make international payments seamlessly into India. This partnership marks a major milestone for Wise Platform in India, as it provides its customers with access to a comprehensive solution for transparent, fast, and inexpensive transfers to India.
Integration Details: Powered by the Wise Platform’s APIs
Powered by Wise Platform’s APIs, IndusInd Bank’s NRI customers can now send money from USD and SGD to recipients in India without being subjected to exchange rate markups. Customers get access to “lightning-fast” transactions and full visibility over their payment status and estimated arrival time – all entirely online. With this integration, Wise aims to improve the customer experience by providing real-time status updates and enabling customers to easily access transparent information about costs and exchange rates for their transfers.
Remittances to India and the NRI Population
According to the World Bank, remittances to India hit $100 billion in 2020, making it the largest recipient of remittances in the world. The NRI population stands at 13.4 million, with 1.28 million residing in the US. As such, the integration of Wise Platform’s APIs by IndusInd Bank is a major development for the NRI community.
IndusInd Bank’s Perspective
Soumitra Sen, Head of Consumer Banking and Marketing at IndusInd Bank, expressed his excitement about the partnership, stating that “We believe that this proposition will witness substantial traction amongst NRIs and provide them with a comprehensive solution for seamless transfers to India.” He also added that IndusInd Bank is committed to providing innovative solutions to customers and partnering with Wise Platform was a perfect fit. Rashmi Satpute, the Country Manager for India at Wise, emphasizes the significance of the launch. “After we started transfers from India in 2021, we are excited to double down on our commitment here and introduce the Wise Platform to India with IndusInd Bank as our first partner.” She also mentioned that this integration is a notable milestone for the Wise Platform as it expands its reach in the country while continuing to develop into a global service.
Common Goal: Modernizing the Global Financial System
The partnership between IndusInd Bank and Wise Platform shares a common vision of modernizing the global financial system. The partnership aims to provide a comprehensive solution for seamless transfers to India at inexpensive, fast, and transparent costs to millions of NRIs abroad.
The Wise-IndusInd partnership for international payments to India is a significant milestone in the efforts to modernize the global financial system. With the use of Wise Platform’s APIs, customers can expect seamless transactions with no exchange rate markups and full visibility of their payment status and estimated arrival time. With IndusInd Bank’s integration, Wise Platform continues to expand its footprint in India, promising its customers fast and reliable money transfer services.