NEW DELHI, INDIA, June 17, 2014 -- Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, has partnered with Punjab National Bank (PNB), to roll out instant bank deposit services to bank accounts in India using the revolutionary IMPS (Immediate Payment Service) platform.
IMPS is a unique remittance processing platform, considered to be one of the latest technology in account-to-account remittance offered by the National Payment Corporation of India (NPCI), offering instant electronic fund transfer service 365 days a year.
“Xoom is committed to providing ‘instant’ in all of our services. Thanks to the great partnership with Punjab National Bank and the IMPS system, the families of Xoom users will receive their deposits instantly, even on bank holidays and weekends,” said John Kunze, President and CEO of Xoom. “This truly is instant gratification and a magical experience.”
Xoom’s breakthrough technology and IMPS’ cutting edge technology will let Xoom customers send money from the United States instantly to many prominent banks in India via the IMPS system in the coming weeks. Currently, IMPS has 63 banks as part of its ecosystem.
According to Mr. A.P Hota, Managing Director and CEO, NPCI, “the future of remittance is IMPS and we are delighted that Xoom and Punjab National Bank are already setting new standards by offering this innovative service so quickly to their customers, and helping NRI’s send money to their families, safely and instantly.”
“We are excited to incorporate IMPS and take our partnership with Xoom to a higher level, by providing instant deposits to NRI’s,” said Mr. K.R. Kamath, Chairman and Managing Director of Punjab National Bank. “This revolutionary IMPS system and Xoom will provide instant deposits for NRI’s sending money to Punjab National Bank and other bank accounts in India.”
To promote awareness of instant deposits, Xoom has created an innovative ad campaign with its brand Ambassador, screen legend Amitabh Bachchan. The TV commercials showcase the unique benefits of instant deposits from Xoom.
Xoom offers deposits to bank accounts in India including NRE and NRO accounts. Xoom also provides great locked-in exchange rates, and no fees when customers send more than $1,000 and pay with their U.S.-based bank account.
Xoom is a leading digital money transfer provider that enables consumers to send money to 31 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended March 31, 2014, Xoom's more than 1.1 million active customers sent more than $6.1 billion to family and friends. The company is headquartered in San Francisco and can be found online at www.xoom.com.
About Punjab National Bank
Punjab National Bank is a leading Public Sector Bank in India headquartered in New Delhi with over 6,200 branches and 7,000 ATMs spread across the country. It serves over 80 million customers. The Bank has developed an advanced computerized module for speedy payments of remittances received.
The underlying concept behind IMPS is to provide customers “24/7, safe, secure and convenient” real-time remittance access that customers can avail during holidays also, to meet their various retail payments needs. By using IMPS, a customer can transfer funds real-time to another person or to a merchant, for any personal or commercial purpose.
IMPS which was initially conceptualized as a mobile-based person-to-person (P2P) instant remittance solution, has evolved as a channel independent, interoperable, multi-dimensional remittance platform to cater to widespread customer needs. In other words, IMPS facilitates in transferring funds seamlessly from one interface to the other – be it mobile, internet, ATM, USSD, etc., and from one service provider to another, from banking entities to non-banking entities (PPI), or vice versa, making it a truly interoperable platform.
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India. It is set up by the banks in India with the support and guidance from the Reserve Bank of India and Indian Banks’ Association.