ING Vysya Bank, Oriental Insurance sign MoU to offer ePayments services

Oriental has selected ING Vysya Bank's payment platform ING [email protected]

ING Vysya Bank said that it has signed a memorandum of understanding with state-owned Oriental Insurance Corporation for offering ePayments services through all its branches across India. Oriental has selected ING Vysya Bank's payment platform ING [email protected], after the general insurer initiated e-payments as a mode of payment to its customers.

Earlier, ING Vysya Bank had also signed a similar MoU with Life Insurance Corporation of India. ING Vysya Bank has ensured technology as one of its core investment focus in India and as a result of which most of the transaction processing systems and electronic banking delivery channels have been built around evolving domestic payments and clearing systems. Providing speedy, safe and convenient transaction processing environment has been the thrust behind all technological advancements of the bank.

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Fedbank Financial Services launches ‘Fast Gold Loan’

The product ‘Fast Gold Loan’, available in the market since April this year is disbursed within minutes of application

Fedbank Financial Services Ltd, a wholly-owned subsidiary of Kochi based Federal Bank has launched its first loan product ‘Fast Gold Loan’ in the domain of secured lending. The product ‘Fast Gold Loan’, available in the market since April this year is disbursed within minutes of application.

Few unique features of the product are: Easy repayment–The customer only has to repay the interest; the  principal amount is payable at the end of the tenure, generally allowed up to 1 year with an option of renewal for a further term. Gold jewellery within 20 to 24 carat is accepted under pledge. Loan is allowed up to maximum 90% of the gold value at the prevailing market rate. As against unsecured personal loans, gold loan is hassle free on the part of borrowers as it is disbursed in minutes and without any proof of income.

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JaxtrSMS to allow free SMSes

JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally

Jaxtr Inc, founded by Sabeer Bhatia and Yogesh Patel, on Wednesday launched JaxtrSMS, a cross-platform open texting application to send SMSes to anyone in the world for free.

"We have developed this application that runs on all mobile applications in the world, including iPhones, Androids, Blackberrys, J2MEs, where one can send unlimited free text messages from his phone to any mobile phone in the world," Jaxtr Inc CEO and co-founder of Hotmail Sabeer Bhatia said.

At present it is very expensive for sending international SMSes costing Rs5 per message, he said. JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally, he added.

"We witnessed tremendous response to this application during the soft launch where users across 197 countries downloaded it in a few weeks and expect 100 million subscribers by end of next year," Bhatia said.

The company will generate revenue through advertisements and premium services like archiving texts, multimedia, video etc, which will be available by mid next year, he said. The premium services will be available for the subscribers at a very nominal cost, Bhatt said. "We are talking with advertisers," he said. The US-based company is looking at $10-$15 million investment in JaxtrSMS in another couple of months. "We are in talks with a few investors and are looking at investing $10-$15 million in a couple of months time," he added.

Bhatia said this application would be in accordance with the regulatory provisions of the country. Globally, there are 4.2 billion texters worldwide and it is expected to reach 12 trillion by 2015.

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