24/7 Instant real-time inter-bank electronic funds transfer system to India

12 February 2017 – Dubai:  Al Ghurair International Exchange, the UAE-based foreign exchange and worldwide Money Transfer Company, has announced the launch of the IMPS Service (Immediate Payment Service) for India through IndusInd Bank. IndusInd Bank facilitates Indians in UAE to transfer funds instantly and securely to IMPS enabled banks in India 24*7*365, including Sundays and any bank holiday in India.

Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

Imad ul Malik, General Manager, Al Ghurair International Exchange said, “The IMPS service supports our continuous efforts to provide innovative services to our customers and at the same time maximize their convenience for remittance to their home countries. Instant bank deposit facility to customers account is now possible as IMPS service facilitates uninterrupted transmission of funds. The bank account of beneficiary will be credited in India even before the remitter keeps the transaction receipt in his pocket” 

Amit Talwar, Executive Vice President, IndusInd Bank said, “IndusInd Bank has been pioneer in technology led solutions and IMPS is a step towards future of cross border remittances. We were one of the first banks in India to launch the cross border IMPS service and proud to state that today we rank amongst the largest carriers of cross border IMPS transactions. We have a long standing relationship with Al Ghurair International Exchange and are delighted to go live on this service with them as our first partner in the UAE.”