According to the UOB, the Direct Pay is a solution for high-volume, low-value remittances services which process and credits the amount to beneficiary banks on the same day and with details customers knowing the precise amount their beneficiaries will receive.
The solution will enable employers to send money to India on behalf of their non-resident Indian employees via UOB’s banking channel. This solution will also benefit companies who need to make high volume Rupee payments to India.
UOB Head of Product & Implementation Group Transaction Banking Linus Ng said that the bank has invested in the technology to support this new solution which allows multiple remittance instructions to be sent in a single payment file to UOB.
"The solution will be rolled out in the region and will also be expanded to cover the other payment corridors, to potentially cater to the needs of the more than one million foreign workers in Singapore via their employers," Linus Ng said.
Ramesh Ganesan EVP & Head Transaction Banking IndusInd Bank said that this arrangement with UOB will help the bank tap into India-bound flows from Singapore.
