The United Arab Emirates is home to most of the world’s Indian migrants, at 3.5 million people. This makes the UAE the main source of remittance for India.
Realizing the need to improve the cross-border payments experience in one of the largest remittance corridors in the world, LuLu Exchange, a leading financial services company based in Abu Dhabi, partnered with leading Indian financial institution Federal Bank.
Cross-border transactions to India via the RippleNet Cloud via the 76 branches of LuLu Exchange in the United Arab Emirates and the mobile payment app from LuLu Money are faster and more reliable.
“Our longstanding collaboration with Ripple has opened up many opportunities for us to consolidate our presence in existing and new corridors. The latest partnership is a step forward in providing our customers with the best possible experience for their payment needs in India.” said Adeeb Ahamed, General Manager of LuLu Financial Group.
LuLu Exchange joins dozens of financial institutions already running on the RippleNet cloud. With the RippleNet Cloud, LuLu Exchange can send and receive payments between financial institutions on RippleNet with a simple integration in order to process cross-border payments immediately, reliably and inexpensively – completely in the cloud.
“The partnership is an important step in strengthening our Indian corridor while advancing our overall mission to create the most reliable, seamless and accessible financial travel in the world through collaborative partnerships and the use of technology,” added Ahamed.
“Disruptive technology innovation is the Federal Bank’s mantra, and the bank continues to invest in technology, which benefits all of our partnerships, including those in the remittance industry. We believe such innovations will benefit the larger Indian diaspora, who enjoy a modern, affordable, fast, easy and more reliable way to send money to India, ”said Nilufer Mullanfiroze, Senior Vice President and Country Head – Deposits, Cards and unsecured loans at the Bundesbank.
“Despite the pandemic, we have seen remittances continue to increase in some of the largest corridors to India, including the United Arab Emirates. More than ever, people need to send money to friends and family abroad,” said Navin Gupta, executive director of South Asia and MENA. “Ripple is proud to partner with LuLu Exchange and Federal Bank to make the cross-border payment experience in the region easier, cheaper and more reliable.”
RippleNet’s product suite guarantees the highest standard of security and data protection and is now SOC 2 certified. This means that financial institutions planning to roll out RippleNet Cloud can do so with the confidence that Ripple has a certified, industry-leading seal of approval to meet modern security and privacy requirements.
If you are a financial institution interested in rolling out RippleNet Cloud, contact us.