ICICI bank Launches A New Mobile App Called “InstaFX”

ICICI Bank today announced the introduction of a new smartphone application for registered money changers to assist any bank ‘ICICI Bank Forex Prepaid Card’ customers easily. The app, called ‘InstaFX’, helps the approved money changers, who are the bank’s associates, to complete the digital and real-time KYC authentication and confirmation of customers. As the ‘ICICI Bank Forex Prepaid Card’ is triggered rapidly within a few hours, as compared to the industry standard of up to two days, this facility greatly increases consumer comfort. ICICI Bank is the first bank in the world to sell money changers with such a service.

“InstaFX mobile app enhances the convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast.” Sudipta Roy, Head- Unsecured Assets, ICICI Bank stated.

Key features of the App include:
1) Real-time Permanent Account Number (PAN) validation: The app helps money changers to immediately verify the PAN of the customer from NSDL, the name and date of birth of the customer from his/her PAN card, as well as the PAN card status
2) Real-time passport validation: The money changers will immediately verify the passport of the customer via the MRZ code and further against the name and the DOB.
3)Instant snapshot: The live image of the customer can be taken and checked against the photo of their passport.

It is possible to download and run the ‘InstaFX’ software from any Android smartphone. Through visiting partner money changer outlets in cities or at airports around the country, customers can use the ‘ICICI Bank Forex Prepaid Card’.