- Federal Bank and Bharat Billpay have announced that they have joined forces with LuLu Financial Group to develop a new approach to cross-border payments in the Gulf Cooperation Council region.
- The announcement of the new service was made at the Global FinTech Festival, which took place in Mumbai this month.
- “The BBPS facility enables Indian expats to have greater control over the hard-earned money remitted to meet the expenses of their families back home,” said a spokesperson for LuLu Financial Group.
Two names in India’s fast money transfer sector have announced a new push towards improved cross-border payments in the country.
Federal Bank and Bharat Billpay said that they have joined forces with LuLu Financial Group to develop a new approach to cross-border payments in the Gulf Cooperation Council (GCC) region.
The new system will be called the Bharat Bill Payment System (BBPS), and is powered in part by Bharat BillPay Limited, which is in turn owned by the National Payments Corporation of India.
Federal Bank, a major private sector bank in India, has brought the new system to the market alongside them.
The announcement of the new service was made at the Global Fintech Festival, which took place in Mumbai this month.
“We are delighted to be the first mover in launching this much awaited facility for Non-Resident Indians in collaboration with NBBL and Lulu International Exchange at the Global Fintech Festival in Mumbai,” said the executive director of Federal Bank, Shalini Warrier, in a statement.
“The direct payment facility in cross-border transactions has optimised the digital payment ecosystem and will equally delight the beneficiaries as it enables seamless bill payment,” she explained.
“The BBPS facility enables Indian expats to have greater control over the hard-earned money remitted to meet the expenses of their families back home,” said Adeeb Ahamed, the executive director of LuLu Financial Group.
“This facility has immense applications in widening the scope of cross-border payments beyond its traditional role, and Lulu Exchange is proud to partner with Federal Bank and NBBL to make this a reality for Indians living in the GCC region.”
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