ICICI Bank, India’s largest private sector bank by consolidated assets has partnered with Westpac Banking Corporation to provide student remittances.

Via ICICI’s Money2World, Indian residents who are customers of any bank in India can initiate an online remittance to make fee payments to an Australian university.

The first university to test out the system is Melbourne-based La Trobe University.

“Overseas education remittance is nearly a third of the country’s overall outward remittance and Australia is one of the largest recipients,” said Vijay Chandok, executive director ICICI Bank.

“It has been our constant endeavour to simplify student payment solutions by leveraging on technology and global partnerships.”

Di Challenger, general manager of global transaction services at Westpac, added: “Universities and colleges have always been very important for Westpac and Australian economy.

“With this solution, we will be able to provide the university with unimpaired information reconciliation which will save resources, time and money.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com