Oman-based Bahwan CyberTek (BCT), global provider of innovative software products and solutions, announced that Karur Vysya Bank (KVB) – one of India’s private-sector banks- has implemented BCT’s Cuecent eRemit – a global remittance solution, across the bank to offer affordable and instantaneous remittance service to the Bank’s customers.
The remittance solution from Bahwan CyberTek has helped Karur Vysya Bank launch an ‘instant cross-border remittances service’ for Non-Resident Indian (NRIs), which offers the remitter the facility to instantly credit funds into the beneficiary account in any bank in India.
Under this service, the funds would be instantly remitted and the beneficiary would be able to withdraw the money within a matter of minutes. Both the beneficiary and remitter receive free mobile and email alerts instantaneously on receipt of money.
The Bank believes that their NRI customers would be delighted at the speed with which money gets credited to their dependents in India. And they would also derive comfort from the fact that their dear ones would be able to withdraw money from any ATM within minutes of their making a telephonic request.
The Bank is in the process of providing more value-added services to their customers and is looking forward to building them on the Cuecent technology platform from Bahwan CyberTek. This Remittance facility enhances the value proposition of KVB’s cross-border remittance offerings to the NRI community.
Commenting on the successful deal, S. Durgaprasad, Director and Chief Executive Officer for Bahwan Cybertek Group said, “India being the top remittance receiver with inflow of USD 69 Bn in 2012 and a large diaspora of Indian migrants in oil-rich Gulf and high income countries like the US, we thought it imperative to provide a convenient, efficient and speedy mechanism to remit money to India. I thank KVB for the trust they placed in us to implement this high-performance, mission-critical application.”
