‘Kotak Remit’ service launched by Indian bank

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Kotak Mahindra Bank has launched its Kotak Remit service to help give customers the chance to increase the ease with which they make cash transfers.
  • Clients can transfer money to recipients around the world entirely from their mobile phones provided that they are eligible customers with the app downloaded and in use.
  • A spokesperson for Kotak Mahindra Bank said that the move marked the company’s attempts to broaden its service offer from just internal provision to a more global approach.

A new online money transfer provision option has been launched by a bank in India.

Kotak Mahindra Bank said that it had launched a service called Kotak Remit as part of its drive to enhance smartphone-based options for senders of remittances.

Now, any eligible customer with the Kotak Mobile Banking App can find the service live and start benefiting from the new offer.

It is now possible for clients of the firm to send money around the globe without having to leave the convenience of their phone.

The firm has also gone to additional lengths to make the experience as friction-free as possible for clients, reports in the financial news media suggested.

It will not ask customers to provide documentation for cash transfers of up to US$25,000, or the relevant equal amount in other currencies, it said.

In a nod towards increased transparency, meanwhile, clients will be kept informed about the transfer’s status through a series of alerts.

In order to access the new service, clients are encouraged to visit the mobile banking app or to go to the online banking service.

They then simply need to add details of the transfer and the recipient as usual and then take steps to confirm the transfer.

In a statement, a senior figure at Kotak Mahindra Bank explained that the move comes against a backdrop of increased mobile-friendliness when it comes to banking.

Phani Shankar, who serves as president and also company co-head for Treasury & Global Markets, said that the move marked a shift towards adding international payment functions to its offering.

“The mobile has been at the centre of a revolution of sorts and it has changed the way we bank, invest, shop and pay,” he said.

“Domestic payments has been one of the core areas of focus. With the launch of Kotak Remit on mobile, we have entered a new phase of digital transformation encompassing international payments, which gives our customers the advantage of banking on mobile for making international fund transfers as well,” he explained.

Kotak Remit is a popular choice among many Indians, not least because it has a relatively strong diversity of currency choices.

These include major currencies such as the single European currency, the Japanese yen and the British pound.

Others, such as the Saudi riyal and the Hong Kong dollar, are also available.

To uncover more information about the workings of the cross-border payments sector, just head over to our reviews pages and pick one to read.


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