Remittances: Instant fund transfer service launched

The new service to be launched across 17 banks in Pakistan.

Press Release April 29, 2013

KARACHI: Xpress Money has partnered with KASB Bank to offer instant Inter-Bank Fund Transfer (IBFT) remittance service across 17 banks in Pakistan with a combined nationwide network of over 6000 locations.

With this initiative customers will be provided instant IBFT services instead of taking 24 hours to get credited. The remitter simply needs to visit any of Xpress Money’s agent locations across the globe and provide the beneficiary’s Account Title and Account Number, upon which the agent will be able to pull up all related details of the account holder and the transfer the money.

“Instant Inter-Bank Fund Transfer remittance service offers convenience and real time funds transfer which will discourage the use of informal channels of Hawala and Hundi. It will play a pivotal role in realizing the vision of the Pakistan Remittance Initiative of generating larger inflows of home remittances to Pakistan” said Group Executive Operations and GTS, KASB Bank Waqar A Khan.

Published in The Express Tribune, April 30th, 2013.

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