Federal Bank partners with Lulu Exchange to leverage Blockchain Technology in cross border remittances

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 New Delhi,29th December 2017: 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.

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,680 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.72 Lakh Crore as at June 30, 2017 and it has earned a net profit of Rs 210.15 Crore for Q1 FY18.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.28% at the end of June 30, 2017.  Federal Bank has its Representative Office at Dubai and Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress. During FY 17 the bank handled around 15 % of the total personal inward remittance to India.

About Lulu Exchange

LuLu Exchange is an ISO 9001:2015 certified global financial services enterprise that serves banking institutions, business houses, local and international corporations as well as individuals. Its services are designed to facilitate secure and instant financial transactions through digitized state-of-the-art systems that deliver flexibility, reliability, and transparency.

Established in 2008, LuLu Exchange Holdings has its global headquarters in Abu Dhabi and has more than 170 branches spread across several GCC countries such as Oman, Kuwait, Qatar, Bahrain as well as India, Bangladesh, Philippines and Seychelles.