ICICI Bank has introduced new digital facilities. Details here | Techno Glob


ICICI Bank today announced the launch of a new facility on its online external remittance platform ‘Money2World’ (M2W) for better convenience for customers, including the unbanked.

One of the new services allows customers of other banks to complete the KYC (Know Your Customer) process to register on M2W via video conference. Having an account with another bank allows customers to remit up to $250,000 in a financial year, up to 10 times the previous limit under the Liberalized Remittance Scheme (LRS). Additionally, ICICI Bank has integrated its mobile banking app ‘iMobile Pay’ with the M2W platform. This combination allows its customers to send money abroad; Allows users to select their desired exchange rate and enter a one-time instruction to schedule recurring payments through ‘iMobile Pay’.

The users of ‘Money2World’ are education, maintaining close relatives; Funds can be sent to 21 currencies for many purposes, including gifts and travel.

Sriram H. Iyer, Head, ICICI Bank said, “In an industry-first initiative, customers of other banks in India can register on ‘Money2World’ through secure, AI-driven, video KYC support and start sending money. Abroad. They can pay up to USD 250,000 under LRS in a financial year. Also, ‘iMobile Pay.’ The integration of ‘Money2World’ with the app makes it even more convenient for our customers as they can make payments on the go from their mobile phones. We believe that all the latest offers will help customers transfer money abroad 24×7 at verified exchange rates, even if they don’t have an account with ICICI Bank.”

Key Benefits of ‘Money2World’ Platform:

· Video KYC Support: A bank official helps a person who wants to join the M2W platform but does not have an account with ICICI Bank to complete the KYC process through a video call. Strong on paper in a branch. The physical KYC verification process only takes a few minutes, resulting in the convenience of significant time savings.

· Increased LRS limit: Customers of any other bank can deposit up to USD 250,000 under LRS through the M2W platform to meet the requirements of sending large amounts abroad.

· Remittance through ‘iMobile Pay’: Customers of the bank can remit through ‘iMobile Pay’. They just log into the app; You can send money abroad by selecting the ‘Send Money’ option and finally selecting ‘Transfer Abroad’.

· Level Alert: The bank is the first in the industry to offer personalized Forex rate alerts via SMS/e-mail to enable customers to automatically initiate transactions at their desired exchange rate.

· Standing Orders: This feature allows users to enter a one-time instruction to schedule recurring payments. Payment will be processed automatically on the specified due date as specified by the customer.

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