Strategic partnership between Al Ansari Exchange and Federal Bank to allow quicker remittances to India
04 Jul 2011
Al Ansari Exchange, the UAE’s largest network exchange house that provides worldwide remittance and foreign exchange services, has signed a strategic new partnership with Federal Bank, the fourth largest private bank in India and a powerful contender in the Indian banking sector. Under the new partnership, Al Ansari Exchange will offer Federal Bank’s ‘Fed Flash’ service, a revolutionary and innovative service that will allow Indian expatriate workers in the UAE to send their remittances to their Federal Bank accounts in India through Al Ansari Exchange. The move is part of the leading company’s commitment to improve customer satisfaction by expanding its current portfolio of financial services and transactions. The ‘Fed Flash’ service is now available at any of the 100 Al Ansari Exchange branches across the UAE.
“Our strategic alliance with Federal Bank from India demonstrates our continued commitment to provide Indian expatriate workers in the UAE with key services that will allow quicker and more convenient way of sending their money back home through banking channels,” said Rashid Ali Al Ansari, General Manager, Al Ansari Exchange. “The new ‘Fed Flash’ service reflects the latest in remittance technology where our customers will be able to send money in a matter of minutes through any of our branches spread out in the UAE. They can be assured of a speedy process as both the sender and the receiver will receive an SMS confirming the transaction. This new service is just one of the many services we will be launching as part of our promise to provide our customers with strategic and faster services.”
According to Federal Bank, ‘Fed Flash’ allow Federal Bank customers to remit money real-time into to their accounts through at any Al Ansari Exchange branch to all branches (over 750) of Federal Bank in India. A key feature of this product is that it not only credits the account in seconds, but also completes its product cycle in a fully automated environment. The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile. This feature takes out apprehension both at the ‘Send’ and ‘Receive’ sides of remittance, and saves on follow-up costs.
“The new ‘Fed Flash’ service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send their money to their families in a faster and more convenient way. Our partnership with Al Ansari Exchange will allow us to offer our new ‘Fed Flash’ service, which affords our customers the convenience and the quickness of sending money back home with the added advantage that there are more than 100 branches spread out in the country. Also, working closely with the UAE’s leading network exchange house gives our customers the confidence and security of dealing with a leading and reputable brand like Al Ansari,” said Shri. Shyam Srinivasan, MD & CEO, Federal Bank.