MicroTEC partner NBAD becomes first bank to introduced real-time international account-to-account money transfer service via mobile.
21 May 2012
NBAD PRESS RELEASE:
1st international real-time account-to-account mobile remittance service
NBAD Provides Instant Mobile Remittance to India through Federal Bank
Abu Dhabi and New Delhi- (May 21st, 2012): The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has added a new feature to its Arrow service, allowing customers to instantly transfer funds to any bank in India at a lower price through Federal Bank, one of the leading private sector banks in India.
This is the first time a bank has introduced a real-time international account to account money transfer service via mobile phones anywhere in the world.
By adding a remittance corridor to the Federal Bank in India through its Arrow mobile service in the UAE, NBAD gives mobile users greater security and instant control of their money across borders.
NBAD Arrow, the mobile based SMS payment service powered by MicroTEC mobile payment technology, already allows users to send money to over 256,000 MoneyGram locations in 192 countries by two simple SMS messages. The new feature enables NBAD and non-NBAD customers to pay AED12 for their remittance to bank accounts in India. Money transfer times are cut to just seconds compared to the 2-3 days with standard mobile banking applications, giving users greater security, convenience and control.
"Indian nationals make up the largest expatriate group in the UAE and offering this service at such a low rate compared to the usual market price for their remittances adds a valuable saving to our customers," says Ahmed Al Naqbi, the Head of Direct Banking & E Development at NBAD. "We are proud to be the first UAE bank to offer this real-time special bank-to-bank mobile service and allow customers to transfer funds using the bank's competitive exchange rates and remittances fees."
He added: "In addition to Arrow clients, NBAD Mobile Application users can also benefit from the new service to send money anywhere at anytime."
The Federal Bank is the fourth largest private sector bank in India with branches across all states and additional remittance outlets via the Indian Bank Network (NEFT).
Launching the Service, Mr. Shyam Srinivasan, Managing Director & CEO, Federal Bank said, "Through this new tie up NBAD, one of the largest banks in UAE offering state of the art remittance services, families of Indian expatriates can receive money realtime within seconds through Federal Bank. The Bank's alliance with NBAD boosts Federal Bank's never ending commitment to its customers and Indian expatriates. We are continually working to make new channels available to our customers and well wishers to access banking services so that they can meet their money transfer requirements hassle free.
"Federal Bank is the 4th largest private sector commercial banks in the country and is the largest traditional private sector Bank in Kerala. The Bank enjoys the trust and confidence of more than 8 Lakhs NRI customers across the world, which will be further enhanced with the availability of the NBAD Arrow Service. Federal Bank is having very strong presense in the remittance market and more than 7% of pan India remittance was routed through us last year."
The Arrow services and award-winning1NBAD Mobile Applications are powered by MicroTEC, NBAD's global mobile payments partner. They offer customers full control over their account allowing them to transfer funds including remittance transactions, pay utility bills, make donations, and view all their accounts using their device.
Recently, the bank has enhanced its Mobile Phone Application services and extended them to all smart phone users. The enhanced application offers financial and non-financial services such as locating NBAD branches and ATMs and information about products and services. In addtion, NBAD Mobile App users can send their feedbacks and queries or even talk to NBAD representatives through email and call centre services that are built into the application.
"The market is constantly looking for reliable and inexpensive means to meet their banking and financial needs. This is why we continue to develop services, add more valuable benefits and employ advanced techonology to offer our customers utmost convenience when banking with us," said Mr. Al Naqbi.
To benefit from this feature, customers should register with the Arrow service. NBAD online account holders can register by visiting https://arrow.nbad.com. Non-NBAD customers can link to Arrow by obtaining a prepaid card at any NBAD branch. Smart phone users can enjoy the new feature through downloading the NBAD Mobile Application for free.
1 In 2011, Arrow, the UAE's first mobile phone money transfer and international remittance service, was named the best Mobile Payment Application and Best International Mobile Money Transfer programme.
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.
NBAD has a network of 122 branches and more than 500 ATMs to provide banking services to customers all over the UAE.
Besides brick & mortar branches, NBAD provides 24
hour internet banking access through NbadOnline and NbadDirect, the
SMS-based payment service (Arrow) as well as account access and
personalised customer support through its 24-hour Call
NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
NBAD Investment Management (DIFC) Limited is regulated by the DFSA.
For further enquiries, please contact:
About Federal Bank
Federal Bank ranks amongst the fourth largest private sector commercial banks in India. The Bank has over 2000 business outlets comprising of 950 plus branches and 1000 plus ATMs spread over important locations in India, in addition to free access to over 75,000 ATMs pan India. The Bank is a pioneer among traditional banks in India in the area of using technology to leverage its operations and was among the first banks in India to bring all its branches under Core Banking Solution. The bank has strong presence in the remittance business and has on-line remittance arrangements from anywhere in the world; the Bank has more than 65 inbound remittance tie ups with Exchange Houses/banks from the Gulf countries alone in addition to several correspondent arrangement with banks in the rest of the world.
MicroTEC offers award-winning bank-grade mobile payment solutions that solve clients' business challenges. With its universal mobile payment platform, MicroTEC provides access to new cost-saving and revenue-generating business models: corporate and transaction banks can take advantage of the MicroTEC Mobile Corporate Solution; retail banks can benefit from the MicroTEC Mobile Branchless Solution; money transfer organisations and exchange houses can innovate with the MicroTEC Mobile Remittance Solution. MicroTEC has proven best-practice experience in developing, deploying and running mobile money managed services since 2002. These range from mobile cash or salary disbursements to remittances and corporate payments - all securely via mobile devices.
MicroTEC is creating an extensive payments ecosystem, enabling its clients to expand their own business reach with MicroTEC's partners. Consumers benefit through a comprehensive range of services that drive cost savings and financial inclusion. The company is integral to strategies of financial institutions such as Deutsche Bank's Global Transaction Banking group and leading UAE bank, the National Bank of Abu Dhabi. Other partners include Oxigen Services in India, Dhasatra in Indonesia and ITC Ltd in Bangladesh.
For additional information visit the MicroTEC website.
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