Ripple, Lulu Exchange and the Federal Bank of India have formed a new partnership to jointly offer real-time payments.
The partners will use the RippleNet Cloud for cross-border payments to India.
Just on Monday, Ripple General Manager (GM) Asheesh Birla revealed in a series of tweets that Asia Pacific (APAC) is still Ripple’s busiest region for customer inquiries and transaction growth. In India, Birla disclosed, Ripple works with three of the top five banks, while the MENA (Middle East and North Africa) and India corridor, one of the largest in the world for remittances is “growing rapidly” and could soon be Ripple’s “largest.”
Just a day after these statements, the LuLu Exchange UAE announced a partnership between Ripple and the Federal Bank of India that will offer real-time payments from the UAE to India. Via Twitter, the LuluExchange wrote:
We are proud to announce our partnership with Ripple and Federal Bank to enhance real-time payments from UAE to India that are faster and more affordable than ever before. Step into any of our 76 branches in the UAE or call 600 5222 04 to know more.
Commenting on the partnership via Twitter, Ripple’s Navin Gupta, managing director for South Asia and MENA, said LuLu Exchange and Federal Bank will transform the cross-border payments experience from the UAE to India via the RippleNet Cloud.
Remittances continue to surge in the UAE-India corridor despite the pandemic. Together, @LuLuExchange and Federal Bank have partnered through RippleNet Cloud to make the cross-border payments experience into India easier and more reliable.
Federal Bank of India is an Indian private bank headquartered in Aluva, Kochi, which also has foreign branches in Abu Dhabi and Dubai. With a customer base of 10 million, including 1.5 million nonresident Indians, and a large network of remittance partners around the world, Federal Bank processed more than 15% of India’s total foreign remittances of $79 billion in 2018.
Also, certainly attractive to Ripple about the partnership is the fact that the Federal Bank of India has remittance agreements with more than 110 banks/exchanges around the world. The bank is also listed on the BSE, NSE and London Stock Exchange and has a branch in India’s first International Financial Services Centre (IFSC) in GIFT City in Gujarat.
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