IndusInd Bank has partnered with the National Payments Corporation to offer real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners. It is the first Indian bank to go live on UPI for cross-border payments/NRI remittances. Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
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IndusInd Bank has started off with Thailand’s DeeMoney for Foreign Inward Remittance (FIR) through UPI. The bank has started the service with DeeMoney, a Thailand-based financial solutions provider offering money transfers and foreign currency exchange services. Customers using the DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.