IndusInd Bank's multi-partner remittance service platform, Indus Fast Remit (IFR) and Wise Platform have integrated to offer multi-currency inward remittance service to NRIs. The integration of IFR and Wise Platform also marks the launch of Wise Platform, Wise's infrastructure offering for banks and non-banks, in India.

This partnership will enable customers of ‘IndusInd Bank – Indus Fast Remit' to transfer money from 2 global markets namely the US and Singapore at highly competitive forex rates where they will be able to compare rates and know the exact credit amount without any mark-up being levied.

IndusInd Bank's customers can access Wise's lightning fast and low cost international money transfers directly through the Bank's Indus Fast Remit platform or its Internet banking platform. Customers will have visibility over their transfer status and estimated arrival time.

Through this collaboration, NRIs can book remittance transactions on IndusInd Bank Indus Fast Remit platform and credit to beneficiary will be routed under rupee drawing arrangement (RDA) scheme of RBI through Wise's RDA partners in India. Indus Fast Remit platform will also facilitate NRI customers to open Non Resident External (NRE) / Non Resident Ordinary (NRO) accounts with IndusInd Bank, apart from using the remittance services.

Soumitra Sen, head - consumer banking and marketing, IndusInd Bank, said, “At IndusInd Bank, it's been our constant endeavor to bring forth path-breaking propositions that provide customers with a seamless banking and remittance experience. In keeping with this approach, we are proud to partner with Wise for our revamped Indus Fast Remit platform which enables NRIs to send money to a beneficiary in India at lower cost and at competitive conversion rates from 2 countries globally. We believe that this proposition will witness substantial traction amongst the NRIs, providing them with a comprehensive solution for seamless transfers to India.”

Rashmi Satpute, country manager, Wise India said, “IndusInd Bank and Wise share a common vision of modernising the global financial system, and we're delighted to team up to enable inexpensive, fast and transparent transfers to India for millions of NRIs abroad.”

IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2023, the bank's distribution network included 2,606 branches/ banking outlets and 2,878 onsite and offsite ATMs. The client base stood at approximately 34 million as on 31 March 2023.

The private lender's standalone net profit surged 49.89% to Rs 2,040.51 crore on 24.7% rise in total income to Rs 12,171.22 crore in Q4 FY23 over Q4 FY22.

The scrip rose 0.74% to Rs 1,306.65 on the BSE.