Federal Bank partners with Lulu Exchange to make cross border remittances easier, quicker and safer. The two financial companies have launched and successfully tested the service on Blockchain Technology, that is fast revolutionizing the financial and commercial world.
The new technology, helps organizations share data in a much trusted, distributed and extensively automated way. This ‘Distributed Ledger Platform’, as it is popularly known among its practitioners, is touted to bring the commercial world closer by selective and secure sharing of data between distinctly different businesses thereby encouraging seamless transactions. It foresees transparent operational ease, with little or no human intervention and thereby little or no room for error!
Federal Bank facilitates a major portion of the entire inward remittances in to the country, associating with multiple exchange houses abroad. Lulu Exchange, one of the leading financial services company, has a long history of embracing innovative technology that gives rise to new products and services that enhances customer experience. The current enterprise will bring the best of technology to both the companies. The companies worked with Digiledge, a Bengaluru based fintech startup on this innovation.
“Federal Bank is proud and honored to partner with Lulu Exchange on the innovative use of technology in the world of remittances. Blockchain technology is expected to transform banking in a significant way, and we do believe that our customers and partners will benefit from this innovation in remittances. Federal Bank’s motto is ‘Digital at the fore, human at the core’ and the launch of block chain technology is one more step in reinforcing this theme”, said Shalini Warrier, Chief Operating Officer, Federal Bank.
“Blockchain technology is playing a transformative role in the financial services industry worldwide. Our organization has continuously reinvented itself, be it through our offerings, technology or services. We are excited to partner with Federal Bank for integrating this new technology as it will enable us to ease the industry processes and make transactions more effective for our customers,” said Adeeb Ahamed, Lulu Exchange.
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