The Innovators 2015 - Transactions Services, is Global Finance's annual listing of key innovations in treasury and transaction services.
DirectRemit Remittance Service
Category of Innovation: Product
DirectRemit provides fee-free cross-border money transfers within 60 seconds to accounts with Emirates NBD partner banks in certain countries and transfers within one day to accounts held with other banks.
The system uses a secure Web service integration with partner banks via API & XML-based architecture, providing near- real-time transfers and an enhanced user experience. DirectRemit is now available between the UAE and India, Pakistan and the Philippines (all very large remittance markets), with other countries scheduled for development.