DUBAI: Transfast, a leading cross-border payments service provider with presence in over 125+ countries, has partnered with Commercial International Bank (CIB), one of the largest commercial banks with over 205 branches in Egypt, to facilitate the Egyptians expatriates around the globe to send money to bank accounts in Egypt. With the wide network presence of CIB, customers will also avail the convenience of collecting money in cash from over 950+ locations.
The remittance facility between Transfast and CIB would be available to the Egyptian expatriates globally by middle of September 2019.
“CIB is one of the most reputable and far-reaching financial institutions in Egypt and it is an honor to partner with them. Transfast has for long enjoyed a leadership status in the cross-border payments industry. It offers competitive pricing and quick transfer of funds,” says Samir Vidhate, SVP | MD - Transfast. “Through this partnership we will provide our Egyptian customer base with the ability to deposit money instantly into CIB bank accounts as well as provide bank account credit to the reach to 39 other banks in the country.”
Mohamed Farag, Deputy COO, CIB expressed “We are thrilled to partner with a leading cross-payments service provider such as Transfast to offer Egyptian expatriates the convenience to send funds directly into their account across various banks in Egypt”. “It has always been our endeavour to offer value to our customers and we are confident that this partnership will be benefit Egyptians globally”
Transfast is a global cross-border payments network provider that covers over 125 countries across Asia, Europe, Africa, Americas and Australia. Our proprietary payment network, consisting of direct integrations with 300+ banks and other financial institutions enables person-to-person, business-to-person and business-to-business payments services to our partners via APIs, SFTP, web and mobile and product applications. Our applications deliver compliance, risk management, currency conversion, liquidity management and multi-format messaging solutions to our clients, which include banks, financial institutions, e-commerce companies, and service marketplaces, in addition to small businesses and individual consumers. Transfast is owned by Mastercard.
© Press Release 2019