State Bank of India (SBI), the country’s largest lender, has rolled out a new Internet platform that allows customers to book foreign exchange transactions online. The platform called SBI e-forex allows customers to get foreign exchange rates without visiting the branch, customize and set their own limits for deal size, and daily transaction limits. Details of all deals made will also be available on a real-time basis.
This is SBI’s second forex technology initiative, and had launched SBI Fx Out, which enables customers to send foreign currency remittances from any its branches in India.
It’s worth noting that SBI has been partnering with other payment services which allows customers to buy goods and services from international websites and tied up with PayPal to let customers use their debit cards to buy goods from e-commerce website outside India. MSME customers of SBI using PayPal will also be able to avail to similar financial solutions. The bank had entered into a similar partnership with Amazon in April.
Other technology moves by SBI
– Earlier this month, state-run telecom operator BSNL said it will be launching its own mobile wallet in the next two months, with State Bank of India (SBI) as its banking partner. he wallet will allow customers to withdraw money through SBI’s ATMs. The wallet will allow customers to withdraw money through SBI’s ATMs.
– The bank had launched NFC based debit and credit cards. The cards will be issued by SBI’s subsidiary SBI Cards. The bank also mentioned then that it had deployed 5,000 point-of-sale (POS) machines which were capable of accepting contactless cards.
– In March 2014, the bank launched a new payments solution targeting merchants called SBIePay. The service offers real-time credit card, debit card, net banking and mobile payment transaction validation processes, with plans to roll out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones.
– In July 2014, it launched digital branches across the country to offer banking solutions to its Internet and mobile customer base called SBI InTouch. The branches feature of a number of digital banking facilities like multi-functional kiosks for instant account opening with personalised debit cards, transferring funds, withdrawing and depositing cash and providing instant in-principal loan approvals (home, auto and education). It also features “expert pods” through which expert advisors would be available via high-definition video conferencing to answer customer queries. It will also feature an online booth to allow customers manage their accounts and enroll for online banking services, if they haven’t already.