ICICI Bank announced the debut of several new features on its online external remittances platform, ‘Money2World’ (M2W), to make it easier for consumers, even those who do not have ICICI Bank accounts.
One of the new services allows customers of other banks to register for M2W by completing the KYC (Know Your Customer) process via video conferencing, which is an industry first. Customers with accounts with any other bank can now transmit up to $ 250,000 in a financial year under the Liberalised Remittance Scheme (LRS), which is ten times their prior maximum. ICICI Bank’s mobile banking app, ‘iMobile Pay,’ has also been integrated with the M2W platform. Customers can use ‘iMobile Pay’ to send money internationally, choose and specify their preferred exchange rate, and enter a one-time instruction to plan recurring payments.
Users of ‘Money2World’ can send money in 21 different currencies for a variety of reasons, including education, family maintenance, gifts, and travel. “In an industry-first move, customers of any other bank in India can register on ‘Money2World’ using a secure, AI-driven, video KYC facility and start moving money abroad,” stated Sriram H. Iyer, Head Of International Banking Group, ICICI Bank. In a fiscal year, they can additionally remit up to USD 250,000 under the LRS. Furthermore, the integration of ‘Money2World’ with the ‘iMobile Pay’ app provides our customers with increased convenience by allowing them to complete transactions while on the go, directly from their mobile phone. We anticipate that all of the new solutions will enable clients to send money internationally 24 hours a day, seven days a week, with guaranteed exchange rates, in an entirely contactless, digital, and secure manner, even if they do not have an ICICI Bank account.”
Key features of the ‘Money2World’ platform include:
· Video KYC facility: A bank official assists an individual who wishes to join the M2W platform but does not have an ICICI Bank account in completing the KYC process via video chat. It offers the ease of significant time savings over the paper-intensive, physical KYC verification process at a bank, as it takes only a few minutes.
· Enhanced LRS limit: Customers of any other bank can now send up to USD 250,000 under LRS using the M2W platform, allowing them to meet their requirement to move significant amounts of money internationally.
· Transact using ‘iMobile Pay’: Customers of the Bank can use ‘iMobile Pay’ to send money. They only need to log into the app, select the ‘Send Money option, and send money Abroad by selecting ‘Transfer Overseas.’
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