Case Study: Federal Bank achieves instant, secure remittances with ACI Worldwide (BASE24 / Visa Fast Funds)

Federal Bank Works to Transform Payments in India

Federal Bank, one of India’s largest banks handling nearly eight percent of all overseas remittances to India, faced a slow, branch-dependent remittance process that left customers and NRIs waiting in line and filling out paperwork. To modernize cross-border and personal payments, Federal Bank partnered with Visa and ACI Worldwide, leveraging ACI’s BASE24 payments engine to build a faster, card-linked remittance service.

Using ACI Worldwide’s BASE24, the bank launched Visa Fast Funds so remittances can be sent via ATM, internet or mobile and are instantly loaded to account-linked Visa debit cards, eliminating paperwork and branch visits. The solution delivered near-real-time access to funds, higher customer satisfaction, and helped Federal Bank attract new customers — the bank became the first in India (and second in APAC) to activate this Visa Fast Funds service on BASE24.

Federal Bank

T S Jagadeesan

Chief General Manager