ICICI Bank launches ‘InstaFX’ mobile app for forex partners to help customers obtain ICICI Bank Forex Prepaid Card swiftly
January 20, 2021
- The app allows authorised money changers to complete KYC verification of new customers digitally
- All customers, even if they are not customers of ICICI Bank, can get the Bank’s forex card swiftly
- First bank in the country to offer such facility
Mumbai: ICICI Bank today announced the launch of a new mobile application for authorised money changers to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ swiftly. Called ‘InstaFX’, the app enables the authorised money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of upto two-days. ICICI Bank is the first bank in the country to offer such facility to money changers.
Speaking on the initiative, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. In recent years, we have leveraged technology to introduce a slew of convenient and digital retail products that can be availed quicker than their available counterparts in the industry. This new app, ‘InstaFX’, is yet another addition to the series of such products and offerings.
The app enhances convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast.”
Here are the key features of ‘InstaFX’:
- Real-time Permanent Account Number (PAN) validation: The app enables money changers to validate the customer’s PAN from NSDL, the customer’s name and date of birth from his/her PAN card as well as the status of the PAN card instantly
- Real-time passport validation: The money changers can validate the customer’s passport instantly through the MRZ code and further against PAN data for name and DOB.
- Instant photo: The customer’s live picture can be captured and validated against their passport photo.
The ‘InstaFX’ app can be downloaded and operated from any android devices.
Customers can avail the ‘ICICI Bank Forex Prepaid Card’ by visiting the partner money changer outlets in cities or at airports across the country.
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹14,76,014 crore at September 30, 2020. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov