IBN Icici Bank Ltd

MUNICH and FRANKFURT, Germany, November 21, 2012 /PRNewswire/ --

ICICI Bank UK PLC, Frankfurt has announced the launch of an "Insta Netexpress" service through its online money tracking platform http://www.money2india.eu for Indians living in Europe. This "Insta Netexpress" service will enable users to track money transfers to beneficiaries' bank accounts in India with an assured exchange rate and processing time.

Money2India.eu is a web-based online remittance tracking platform which facilitates tracking of remittances from 17 Eurozone geographies to beneficiaries in India. Further, this service offers competitive exchange rates, no processing fee or service charges, faster processing time and dedicated toll free telephone support.

The new service will be provided to Money2India.eu users in association with PAY.ON AG. Users will benefit of this cooperation and experience simple and fast access to over 100 international payment schemes along with integration of most diverse risk management methods. This is a state of the art solution for eCommerce and risk management processes. With PAY.ON's local presence, ICICI Bank will be able to meet customer needs better and provide a faster, more efficient service.

Commenting on the launch Mr. Sudhir Dole, Joint Managing Director, ICICI Bank UK PLC, said, "We at ICICI Bank have always believed in offering customer-centric solutions and we feel delighted in presenting the Insta Netexpress facility on Money2india.eu. 'We shall leverage the synergies between Money2India.eu and PAY.ON to offer yet another innovative solution to customers, who would now know the exact exchange rate applicable on the proposed remittance at the time of sending money."

Dr. Tschangiz Scheybani, Managing Director of PAY.ON Asia, further said, "We are happy to partner with a global player like ICICI Bank for our processing platform "PaySourcing' as we are constantly experiencing a growing customer demand for online payment activities. The PAY.ON technology enables online payments by classical as well as alternative payment methods, thus enabling ICICI Bank to serve clients worldwide by integrating solutions that specifically meet domestic payment demands."

About ICICI Bank UK PLC, Frankfurt branch:

Since February 28, 2008 ICICI Bank UK PLC has been active in the German retail market. It is also focusing on corporate clients with close links between Germany and India. ICICI Bank UK PLC, Frankfurt branch is a member of the Association of German Banks (Bundesverband deutscher Banken) and is regulated by the British Financial Services Authority (FSA) and the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

The product and services mentioned in this press release are provided by ICICI Bank UK PLC - Frankfurt Branch  and are subject to terms & conditions (available at http://www.icicibank.co.uk or at any of our branches). ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank Limited.

About ICICI Bank Limited:

With a consolidated balance sheet total of about USD 91 billion (as at March 31st, 2011), ICICI Bank Limited (NYSE:IBN) is India's largest private bank and the second largest bank in the country. Its subsidiaries include leading private insurance companies and some of the largest stock-exchange brokers, investment funds, and private-equity companies in India. ICICI Bank is now present in 19 countries. Its ICICI Bank UK PLC subsidiary is in charge of retail and corporate banking business as well as investment banking in United Kingdom and other European countries.

About PAY.ON:

PAY.ON AG is the world's leading provider for web-based payment infrastructure services and provider of the payment processing platform 'PaySourcing' as well as of the routing gateway 'PayPipe'. 'PaySourcing' allow clients to outsource all payment and risk management processes into the cloud or to become a payment service provider in a cost-, time- and resource-saving way. 'PayPipe' is a high-performance routing gateway, which connects payment market participants worldwide by using only one API. 'PayPipe' accelerates the global availability for all market participants like no other network. Accordingly, transactions are processed in all payment methods in any currency across all systems. Every PAY.ON system is PCI-DSS certified and therefore compliant with the international payment standards and requirements. For more information, visit: http://www.payon.com

Press contact:
ICICI Bank UK Plc
Agency Hering Schuppener
URL: http://www.heringschuppener.com
Phone: +49-211-43079-0

Press contact:
PAY.ON AG
Wilhelm Fuchs
E-Mail: press@payon.com
URL: http://www.payon.com

SOURCE PAY.ON AG