NPCI International, Eurobank sign MoU to facilitate remittances to India using UPI

NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and Eurobank SA, a Greek bank, have signed a Memorandum of Understanding (MoU) towards enhancing cross-border payments using UPI rails.

This agreement is aimed at revolutionising the process of international money transfers, with a specific focus on streamlining remittances from Greece to India.

The signing of MoU lays foundation for an alliance wherein both parties shall interface with each other as a point of contact for enabling Foreign Inward Remittance transactions from Greece to India.

They shall also manage fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions.

This initiative shall position Greece as one of the first European countries to enable the Indian diaspora residing in the country to undertake quick and seamless remittances to India using UPI rails, NIPL said.

Fokion Karavias, CEO of Eurobank, said: “UPI remittances will be particularly useful to the Indian community in Greece. A strategic alliance with NPCI International is also fully in line with Eurobank’s strategic commitment to becoming the bank of choice for Indian businesses seeking to establish themselves in Greece or in Cyprus, as an entry point for their EU franchise."

Ritesh Shukla, CEO of NIPL, said: “This strategic alliance with Eurobank marks a significant milestone in the expansion of payment technologies built in India beyond our borders."

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI).

As the international arm of NPCI, NIPL is devoted for deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India.