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SBM Bank India  Collaborated with InstaReM to Enhance Outbound Remittance Experience from India

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SBM-Bank-collaborates-with-InstaReM-to-enhance-outbound-remittanceSBM Bank (India) Limited (SBM Bank India)has collaborated with InstaReM to enhance the existing outbound remittance service offerings from India, including introduction of new remittance corridors, increased frequency of transactions for outbound Transactions and improved delivery timings for transfers.

  • Through this collaboration the users of SBM Bank India and InstaReM can remit money to more markets(over 100 corridors) where InstaReM exists, 65 of which are in real time.

Highlights of the collaboration

i.Through this partnership, SBM Bank India will be the licensed banking partner for InstaReM and gain access to United States, Canada, Australia, Europe, Singapore, Malaysia and Hong Kong.

ii.SBM Bank India will also utilise the payment rails of  InstaReM to facilitate last mile outbound transfer deliveries for the users in India.

Note– The tie-up offers will offer  extended access to more countries worldwide and also do the same with improved efficiency, transparency and affordability.

Outward Remittance– It means sending payment outside country

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i.MoneyGram Payment System, a subsidiary of MoneyGram International, global leader in P2P payments tied up with Federal Bank Limited, a private bank in India to provide the customers a cost-effective way to receive deposits directly in their bank accounts in India.

ii.SBI Card join hands with Landmark group to launch 3 new retail co-branded credit cards

About SBM Bank India

Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath

About InstaReM

It is the consumer and SME(Small & Medium Enterprises) brand under global fintech platform Nium.
Headquarters– Singapore
Co-founder and Chief Executive Officer– Prajit Nanu