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Barclays Bank India ties up with TimesofMoney to provide online remittance service to India

Barclays, a major global financial services provider with a substantial Non-Resident Indian (NRI) customer base, has announced a tie-up with TimesofMoney, India's foremost e-payments and remittance service provider, to launch its own remittance service – ‘Barclays Online Money Transfer’ – for their customers in the United Kingdom.

Barclays Online Money Transfer will enable the bank’s customers in the UK to transfer money online directly to any Barclays account anywhere in India. The services will be extended in the near future to customers in other countries who wish to send money to India. With the availability of the latest technology from TimesofMoney for the Barclays Online Money Transfer remittance service, customers can now transfer their money conveniently and in a secure environment. Remittances ranging between £250 and £3,000 can be made through this platform.

Commenting on the initiative, Samir Bhatia, Managing Director for India and Indian Ocean, Barclays Global Retail and Commercial Banking, says: “We are a global bank and we are committed to providing a seamless banking experience to our customers in India. With a presence in over 50 countries, our efforts focus on providing services that allow our customers to enjoy a distinct advantage from our global scale and the convenience of anywhere, anytime banking. Having partnered with TimesofMoney, with their strong technology and risk management capabilities, we are now able to offer a convenient and secure remittance service to our customers, cementing our position in this market.”

Customers can access the service by logging on to: http://www.barclays.in/channels/omt/remittance.htm

Avijit Nanda, President of TimesofMoney, adds: “With Barclays joining TimesofMoney as a banking partner, it will help us extend our offering to customers, enabling secure online payments. This marks yet another significant milestone for TimesofMoney, not only in terms of acquiring a very important partner, but also in expanding the reach of our online payment offerings to major corporations. We are very optimistic to partner with Barclays Bank to use cutting-edge technology to enhance the value proposition to our partners. With the extension of our white-labeled solutions, our partners can conduct their business with a higher level of security and greater convenience.”

Barclays has been present in India for close to 30 years. Barclays launched commercial banking services in the country in November 2006 and followed it up with retail services in May last year under the Global Retail and Commercial Banking (GRCB) division. In the UK, the bank launched NRI Banking in July last year and presently offers NRI products and services from 116 branches across the UK.