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TimesofMoney enables Citibank's 'Singapore to India' remittance corridor

August 5, 2009

Mumbai, August 5, 2009: TimesofMoney, India’s leading payment solution provider and global banking giant Citibank, have entered a strategic tie up to launch a new remittance corridor. The bank will use TimesofMoney’s transaction processing capability to offer end-to-end online money transfer for its NRI customers in Singapore.

This alliance further strengthens the relationship between the two corporates as it marks the second global remittance corridor set up after the same was launched for US. As a part of this arrangement, Citibank can offer a seamless, secure and quick money transfer service to its customers wherein they can directly transfer money from their bank account to the receivers account in India.

Speaking about the tie-up, Mr. Avijit Nanda, President of TimesofMoney said, “We are delighted to extend our partnership with Citibank and believe that this association will go a long way to strengthen our relationship and help us set new industry benchmark. Our capability, industry expertise and understanding of the remittance market helped us gain credibility and win confidence. We endeavor to constantly support banking industry through our technology solutions and expertise to enable them to provide remittance services to their international and domestic customers.”

About TimesofMoney:

TimesofMoney is a leading ePayments service provider. It serves various financial institutions offering money transfer service. Its private label remittance service caters to global cross-border money transfer industry. Its industry standard platform provides transaction processing which is fully compliant with payment norms suiting regulatory framework in several countries worldwide. The company offers a proven, turnkey, end-to-end, fully compliant, outsourced money transfer solution as an alternative to building and maintaining an in-house platform. This flexible rule based platform provides full compliance and fraud/risk management modules, infrastructure and fully integrated back-end customer service with technical support. It has also been credited with Payment Card Industry Data Security Standard (PCI DSS) 1.2, which is a leading security standard for payment card processing.

The company offers a hosted network in which clients can choose to utilize the money transfer originating and receiving locations of TimesofMoney. It offers multi-channel global origination and delivery capabilities across various geographies. TimesofMoney’s extensive list of partners covers leading banks in India and includes Axis Bank, Bank of Baroda, Citibank, HDFC Bank, Barclays and other reputed banks. Visit www.timesofmoney.com for more details.

For further details, please contact: Ms. Smita Challu, Manager, Brand & Corporate Communication , TimesofMoney, Tel: + 91-22-3098 8490; AdFactors PR: Binisha Jaiswal, Tel: 9702026270

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