Following this announcement, the Memorandum of Understanding is set to optimise the overall process of international money transfers. Both financial institutions are expected to focus on streamlining remittances from Greece to India in a secure and effective manner, while also remaining compliant with the laws and regulatory requirements of both industries.
The Memorandum of Understanding was signed at the Embassy of Greece in New Delhi, and it is expected to lay a secure foundation for a strategic alliance between the two financial institutions, wherein both parties will combine their expertise and suite of solutions in order to enable foreign inward remittance transactions to take place from the region of Greece to India. In addition, NPCI International Payments Limited, the subsidiary of the National Payment Corporation of India, and Eurobank will prioritise the process of meeting the needs, preferences, and demands of their customers in the ever-evolving markets.
The partnership will also align with Eurobank’s strategic commitment to accelerate its development as a bank of choice for India-based businesses and merchants, while also focusing on establishing themselves in the region of Greece or Cyprus, as an expansion point for their EU franchise.
India represents a fast-growing market in the fintech innovation industry, as well as the Digital Public Infrastructure place, having a strong priority in the process of sharing its development experiences and optimisation with partner countries. UPI is India’s mobile-based fast payment platform, which was designed in order to allow customers to make round-to-clock payments instantly and securely by leveraging a Virtual Payment Address (VPA) that was created by the client. The UPI payment system is currently used by multiple businesses for retail digital payments in the region of India, and it has been adopted within other countries as well.
The partnership between Eurobank and NIPL will strengthen the overall international financial landscape, as well as the India-Greece economy ties through the optimisation of remittance flows.
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