Private sector lender, Federal Bank has come up with a new product-'Fed Flash' pertaining to real time account credit facilitiy. The new product has been launched in collaboration with UAE Exchange, a leading name in field of global remittance and foreign exchange services.
Fed Flash has been designed to significantly reduce the lead time in remittance processes. Using this product, customers can remit money in real time using any of the branches of UAE exchange spread globally to any branch of Federal Bank.
The money is credited in minutes and the entire product cycle is controlled automatically without any manual interference. Within minutes of the remittance, the creditor/remitter gets a SMS confirmation and so also does the beneficiary in India.
The launch was attended by Mr Shyam Srinivasan, Managing Director and Chief Executive Officer of Federal Bank, and Mr Sudhir Kumar Shetty, Chief Operating Officer, Global operations, UAE Exchange.