This article was first published on Insights – Ripple
At 3.5 million people, the United Arab Emirates is home to the largest population of Indian migrants globally, making the UAE the top source of remittances for India.
Recognizing a need to enhance the cross-border payments experience in one of the biggest remittance corridors in the world, LuLu Exchange, a leading Abu Dhabi-based financial services provider partnered with leading Indian private sector financial institution Federal Bank.
Through RippleNet Cloud, cross-border transactions into India made through LuLu Exchange’s 76 branches in the UAE and the LuLu Money mobile payments app are faster and more reliable.
“Our long-standing association with Ripple has opened up plenty of avenues for us to solidify our presence in existing and new corridors, and the latest partnership is a step forward in providing our customers the best possible experience for their payment needs to India,” said Adeeb Ahamed, LuLu Financial Group Managing Director.
LuLu Exchange joins dozens of financial institutions already running on RippleNet Cloud. Using RippleNet Cloud, LuLu Exchange can send and receive payments between financial institutions on RippleNet with one easy integration to process cross-border payments instantly, reliably and cost effectively—entirely in the cloud.
“The partnership signals a major step towards strengthening our Indian corridor, all the while advancing our overall mission to design the world’s most reliable, seamless and accessible financial journeys through collaborative partnerships and application of technology,” Mr Ahamed added.
“Disruptive technology innovation is the mantra at Federal Bank & the bank continuously invests in technology, which benefits all our partnerships, including the remittance industry partners. We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India,” said Nilufer Mullanfiroze, Senior Vice President & Country Head – Deposits, Cards ...
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