Kochi: Federal Bank has launched a speedy remittance facility called FedFast, focussing on non-resident Indian (NRI) accountholders of the bank.

The bank has demand draft drawing arrangements with 13 exchange houses and seven banks in the Middle East. Annually, around Rs 3,000 crore is remitted to India by NRIs through these traditional fund transfer arrangements.

Instant money transfer has always been a high priority customer need as far as the NRI community is concerned. FedFast provides a solution for this pressing demand, a press release issued here said.

FedFast is an advanced fund-remitting solution, which employs an Internet-based funds transfer technology. The facility offers transfer of funds from the banks international banking department in Kochi to its branches within minutes, once the funds have been received from overseas exchange houses.

Currently, the bank has express remittance arrangement with Al-Rajhi Banking and Investment Corporation, Saudi Arabia, and Al-Ansari Exchange Company, UAE.