TimesofMoney, Citibank in tie-up for new remittance corridor

MUMBAI: Payment solution provider, TimesofMoney and Citibank have entered into a strategic tie-up to launch a new remittance corridor wherein the bank will use TimesofMoney's transaction processing capability to offer end-to-end online money transfer for its NRI customers in Singapore.

This marks the second global remittance corridor set up after the same was launched for the US, a press release issued here stated.

As a part of this arrangement, Citibank can offer a seamless, secure and quick money transfer service to its customers wherein they can directly transfer money from their bank account to the receivers account in India, the release said.

TimesofMoney's President, Avijit Nanda, said that "we are delighted to extend our partnership with Citibank and believe that this association will go a long way to strengthen our relationship and help us set new industry benchmark."

"Our capability, industry expertise and understanding of the remittance market helped us gain credibility and win confidence. We endeavour to constantly support banking industry through our technology solutions and expertise to enable them to provide remittance services to their international and domestic customers," he said.