State Bank of India (SBI) – the largest commercial bank in India – has tie-up with Transfast Remittance LLC – the USA based payment network since 25 years with a network that covers over 6 billion people across 120+countries – for inward remittance from the USA to India.
Transfast enjoys a leadership position in the cross border payments industry and offers competitive pricing, fasttransfer of funds and personalized customer engagement to notify transfers and other value added services.
Transfast Remittance LLC, establishes a framework for US based NRIs to remit their funds totheir bank account with any bank in India using SBI India’s network. As per World Bank data, India has received inward remittance of nearly $ 65 billion in 2017 of which SBI received more than 23% in terms of value of transactions.
This tie-up with Transfast will further boost the market share of SBI in the retail inward remittance business. SBI aims to achieve a sharp growth of about 50% through inward remittance with this tie-up.
The Indian diaspora in the United States will be able to conveniently send funds directly into their account across various banks in India in the shortest possible time using SBI India’s technology platform.