Leading private lender, Axis Bank has launched its online remittance service named AxisRemit. The bank has joined with Times-of-Money, a non-bank e-payment service provider for this new launch.

A press released issued by the bank stated: With AxisRemit, the bank will provide high-speed online money transfer services for NRIs belonging to major geographies such as the USA, the UK, Eurozone, Canada, Australia, Singapore, Hong Kong and the UAE, using TimesofMoney's remittance platform and know-how.

The solutions provided by Times-of-Money will give a technology platform to AxisRemit. Further the back-office operations related to remittances will be taken care by Times-of-Money.

This alliance integrates Axis Bank's core strengths in NRI banking and service delivery with TimesofMoney's domain knowledge and technical expertise in cross-border remittances, creating a smoother and satisfying remittance experience to NRIs situated across the globe," added the press release.

On the occasion of the launch of the service, Executive Director of Retail Banking, Axis Bank, Mr. Hemant Kaul said, "AxisRemit represents a significant entry of the Bank into the fast growing remittance business. Under this service, NRI customers would be able to transfer money online from their local bank account to the receiver's account anywhere in India. The key strengths of AxisRemit will be our transparent pricing policy, superior customer service and faster Turn-Around-Time.