Barclays introduces mobile inter-bank fund transfer facility

Mumbai: The global retail and commercial bank division of Barclays has enhanced its flagship 'Hello Money' service, with National Electronic Funds Transfer (NEFT) facility, that enables its customers to transfer funds to other bank accounts in India from their Barclays account with the help of their mobile phones.

To effect a tranfer, customers can dial dial *598*1# on their mobile and register the beneficiary either by calling the call center or on Hello Money front end.

However, the mobile inter-bank fund transfer facility has a daily transfer limit of Rs5,000.

The facility will be offered free to customers availing of the Barclays 'Hello Money' service and will allow them to transfer their money faster and more conveniently, without having to visit a branch.

The funds will be transferred to the beneficiary's bank using the Reserve Bank of India's Payment Interface (PI). Customers availing of Hello Money services would need the following details of the beneficiary bank to initiate the transaction - beneficiary's account number, beneficiary bank's IFSC code, amount to be transferred and the beneficiary's name.

''With growing innovations in the technology space, customers can now do almost any transaction from either their mobile phones or through the internet, said Ram Gopal, interim managing director and chief operating officer, India, Barclays global retail and commercial bank. "The NEFT facility reinforces our commitment to provide increasingly levels of customer convenience resulting in customer delight.''

Barclays Hello Money is providing customers with anytime - anywhere access. This service is unique, as it has vast potential with a growing appeal to all customers on the move. Barclays Hello Money offers a comprehensive array of banking services on a user-friendly platform that is also upgradeable into other efficient m-commerce services.

Barclays global retail and commercial bank India, part of the global Barclays Group, launched its commercial banking services in the country in November 2006 and followed it up with the launch of its retail services in May 2007. The division encompass all of Barclays retail and commercial banking businesses around the world.