ICICI Bank launches ‘InstaFX’ mobile app for forex partners

By Edil Corneille

Today, India’s ICICI Bank announced the launch of a new mobile application for authorised money changers to help customers of any bank get the ‘ICICI Bank Forex Prepaid Card’ swiftly.

Called ‘InstaFX’, the app enables the authorised money changers, who are partners of the bank, to complete the KYC verification and validation of customers digitally and on a real-time basis. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of what is said to be up to two days.

The bank is said to be the first in India to offer such a facility to money changers.

Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. In recent years, we have leveraged technology to introduce a slew of convenient and digital retail products that can be availed quicker than their available counterparts in the industry. This new app, ‘InstaFX’, is yet another addition to the series of such products and offerings.

The app enhances convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast.”