Banking Circle and EbixCash World Money have joined forces to enhance the efficiency of international money transfers.
With a growing demand for simplified cross-border payments in India, these two entities are working together to provide faster, more transparent, and fully compliant international payment solutions. This collaboration is particularly aimed at supporting Indian students and travelers.
Simplifying Cross-Border Transfers in India
EbixCash World Money holds an Authorised Dealer category-II license for foreign exchange and remittance services with the Reserve Bank of India, having initiated its operations from international airports and expanding to 100 branches in 70 cities. Through this partnership, they are aiming to redefine global payment experiences for the Indian market.
The joint initiative focuses on cross-border payout features, currently pending regulatory approvals, which would extend the scope beyond just students and travelers to include Small and Medium Enterprises (SMEs) and corporate flows. This strategic alliance underscores Banking Circle’s commitment to building local financial infrastructure suited to specific regional needs as part of its global expansion plan.
The combination of EbixCash World Money’s expertise in AD-II with Banking Circle’s local clearing capabilities offers a modernized international payments platform, providing users – from individuals to businesses – with the speed and control they require. This multi-currency solution shifts focus away from traditional agent-based transfers towards infrastructure-level payments, thereby reducing costs, enhancing compliance, and streamlining customer experiences.
By utilizing Banking Circle’s local clearing infrastructure, EbixCash can facilitate direct settlements through local payment rails in key markets such as the UK, EU, US, Canada, Australia, Singapore, and the GCC. This also includes the use of virtual IBANs and structured references that remove hidden costs and improve traceability and reconciliation processes critical for universities and travel providers.
