Federal bank-UAE exchange launch real-time account

The Kerala based Federal Bank and UAE Exchange,the leading global remittance and foreign exchange brand,today jointly launched an ambitious new product 'FED FLASH'.

The Kerala based Federal Bank and UAE Exchange,the leading global remittance and foreign exchange brand,today jointly launched an ambitious new product ‘FED FLASH’.

‘Fed Flash’ as the name signifies,is a real-time account credit product,which significantly reduces lead time by taking on conventional methods of remittance,remitting to bank accounts.

The product was unveiled at a funcion here attended by Shyam Srinivasan Managign Director & CEO of Federal Bank and Sudhir Kumar Shetty,COO,Global operations,UAE Exchange among others,a bank press release said here today.

Story continues below this ad

‘Fed Flash’ enables the bank customers to remit money real-time into to their accounts through any of the UAE Exchange branches overseas,to all branches of Federal Bank covering the length and breadth of India.

A significant feature of this product is that it not only credits the account in minutes,but also completes its product cycle in a fully automated environment. The moment the account is credited,the remitter would receive an SMS in his mobile and at the same time the beneficiary in India too gets the credit confirmation SMS. This feature takes out apprehension both at the ‘Send’ and ‘Receive’ sides of remittance,and saves on follow-up costs.