ICICI Bank introduces a slew of new digital facilities on its Money2World platform – Check details

ICICI Bank in the present day introduced the launch of an array of new facilities on its on-line outward remittances platform, ‘Money2World’ (M2W), to supply improved comfort to customers, together with those that should not have accounts with the financial institution.

One of the new companies empowers clients of different banks to finish the KYC (Know Your Customer) course of by way of video conferencing to register themselves on M2W, an industry-first initiative, as per the financial institution.

Another new facility allows clients, having account with some other financial institution, to remit upto USD 250,000 in a monetary year beneath the Liberalised Remittance Scheme (LRS), 10 occasions of their earlier restrict. Further, ICICI Bank has built-in its cellular banking app ‘iMobile Pay’ with the M2W platform. This integration allows its clients to ship money abroad, select and set their desired change rate, and enter a one-time instruction to schedule recurring funds via ‘iMobile Pay’.

Users of ‘Money2World’ can remit funds to 21 currencies for a host of functions together with schooling, upkeep of shut family, present and journey.

Commenting on the identical, Sriram H Iyer, Head – International Banking Group, ICICI Bank, stated, “We, at ICICI Bank, believe in leveraging the latest technology to bring in new and improved digital banking solutions to users of our products and services. As part of this philosophy, we are offering convenient and digital facilities on the ‘Money2World’ platform to our customers as well as customers of other banks. In an industry-first initiative, customers of any other bank in India can register on ‘Money2World’ through a secure, AI driven, video KYC facility and start sending money abroad. They can also remit up to USD 250,000 under LRS in a financial year.”

“Further, the integration of ‘Money2World’ with ‘iMobile Pay’ app offers an enhanced convenience to our customers as it allows them to conduct transactions on the go, from their mobile phone. We believe that all the latest offerings will help customers to remit funds overseas 24×7 with confirmed exchange rates, in a completely contactless, digital and safe manner, even if they do not have an account with ICICI Bank,” he added.

Below are some of the important thing advantages of ‘Money2World’ platform:

* Video KYC facility: An official of the Bank helps a person, who is keen to hitch the M2W platform however doesn’t maintain an account with ICICI Bank, to finish the KYC course of via a video name. It brings forth the comfort of important time-saving because it takes solely a jiffy in opposition to the paper intensive, bodily KYC verification course of at a department.

* Enhanced LRS restrict: Customers of some other financial institution can now remit as much as USD 250,000 beneath LRS via M2W platform and fulfill their must ship great amount abroad.

* Transact via ‘iMobile Pay’: The Bank’s clients can remit money by way of ‘iMobile Pay’. They can simply log into the app, select the ‘Send Money’ possibility and eventually ship money overseas by choosing ‘Transfer Overseas’.

* Rate alert: The Bank is first within the {industry} to supply clients with personalised foreign exchange rate alerts via SMS/e-mail in order that they’ll routinely provoke transactions at their desired change charges.

* Standing directions: This characteristic allows clients to enter a one-time instruction to schedule recurring funds. The fee shall be executed routinely on the scheduled due date, as specified by clients.

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