Indian remittance and foreign exchange firm EbixCash World Money has entered a strategic partnership with payments infrastructure provider Banking Circle to modernise international money transfers. This collaboration aims to streamline cross-border payments by leveraging Banking Circle’s local clearing infrastructure, enabling faster, more transparent, and compliant transactions for Indian students, travellers, and small and medium enterprises (SMEs).
Under the agreement, EbixCash will shift from traditional agent-based remittance models to an infrastructure-grade payments platform.
Mishal Ruparel, Chief Commercial Officer of Banking Circle, added that the partnership will help build a future-ready platform to strengthen India’s connection to the global economy. The transfer involves the creation of multi-currency nostro accounts, the use of virtual IBANs and structured reference systems, and direct settlement via local rails across significant international corridors such as the UK and EU. The goals of these enhancements are to facilitate reconciliation, reduce intermediary expenses, and enhance transaction traceability.
Though the current focus is on corridors used by students and travellers, the platform is expected to extend its cross-border payout capabilities to SMEs and corporates in the near future, subject to regulatory approval.
The combination of EbixCash's experience and Banking Circle's infrastructure will provide the speed, transparency, and control that contemporary users want from a global payments platform, according to T. C. Guruprasad, MD & CEO of Payment Solutions at EbixCash.
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