Federal Bank Collaborates with HashCash for Cross-Border Remittances

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Federal Bank, a major Indian Commercial Bank and one of the largest remittance player in the country collaborates with Haschcash for cross border remittances.

Federal Bank, a major Indian Commercial Bank and one of the largest remittance player in the country collaborates with Haschcash for cross border remittances

The Federal Bank believes in digitally influencing the life of customers with a guiding philosophy of ‘Digital at Fore, Human at Core’. We are at the forefront of the digital banking narrative with the several successful operations of innovative products - Biju K, CISO, Federal Bank.

When it comes to sending money back home, there is no other than Federal bank that comes to mind for a large segment of the Indian population living abroad. With fair and transparent forex rates, quick transfers and state-of-art remittance technology, Federal bank enjoys a reputation of trust within the Non-resident Indian community.

It has the largest network in the middle east region among Indian Banks and offers cost effective remittance services to Indian expats in 23 countries around the world.

The reasons for the bank’s decision to move to Blockchain based remittances go well beyond just achieving cost and efficiency.

One, most of its existing overseas partners in the middle east and elsewhere are on Blockchain networks. Second, connecting with a overseas partner on a Blockchain network is effortless. It is similar to turning a switch on and you are ready to go. Compare than with establishing a typical host-to-host connectivity with each and every new partner you want to work with.

The choice of HashCash network might have been for similar reasons.

HashCash has strong presence in middle east. Most of Federal bank’s partners in that region are on HC NET. Second, the network offers access to certain exotic corridors and currencies that most banks have not yet been able to reach.

In an official statement, Biju K, the Chief Information Security Officer of Federal Bank said," The Federal Bank believes in digitally influencing the life of customers with a guiding philosophy of ‘Digital at Fore, Human at Core’. We are at the forefront of the digital banking narrative with the several successful operations of innovative products"

Privacy of transactions are another key reason, banks had been keen on this network. The certainty that even the company managing the network would have no visibility of transaction attributes is quite attractive and new. Besides, a Blockchain network that plays along with regulators well and offers fiat currency settlement is important to all banks at this time. The network uses HCX as a bridge currency, but usage of HCX is completely optional.

“HashCash offers a sandbox environment where organizations can use the product and partner with other organizations on the network at no obligation before deciding to go production. This allows participants to do a precise assessment of benefits, ” said Raj Chowdhury, Managing Director, Hashcash Consultants.

About Federal Bank

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. The Bank is a pioneer among traditional banks in India in the area of using technology to leverage its operations and was among the first banks in India to computerize all its branches. The Bank offer its customers, a variety of services such as Internet banking, Mobile banking, on-line bill payment, online fee collection, depository services, Cash Management Services, merchant banking services, insurance, mutual fund products and many more as part of its strategy to position itself as a financial super market and to enhance customer convenience.

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Kanaka Nair
Commercial Concern
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