Multi-corridor NRI remittance
Instant remittance across four country corridors - UAE, USA, UK and Bahrain - powered by a real-time FX conversion engine with live, transparent rate display.
Federal Bank Ltd · BFSI / NRI Banking
Reimagining NRI Banking: A Unified Digital Remittance & Investment Platform
A unified, multilingual NRI banking platform for Federal Bank - instant cross-border remittance, self-service fixed deposits, and Portfolio Investment Scheme servicing brought together in one mobile-first experience.
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Client overview
Federal Bank Ltd is a Kerala-headquartered private sector bank with 1,400+ branches and one of India's most established NRI banking franchises, handling more than ₹30,000 crore in annual NRI remittances - primarily from the Gulf and the United States.
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The challenge
Federal Bank's NRI franchise had been built over decades on branch relationships and phone-based service - a model that worked well for a generation of depositors, but increasingly fell short for a younger, mobile-first diaspora across the UAE, USA, UK and Bahrain. Remittances routed through manual FX desks took days to settle, fixed deposit bookings required physical paperwork during home visits, and investment servicing under the Portfolio Investment Scheme (PIS) sat outside any self-service channel. English-only servicing also left a large share of Malayalam- and Hindi-speaking customers underserved, while FEMA compliance reporting added manual overhead to every transaction the bank processed.
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Our solution
Baaz partnered with Federal Bank to design and build a comprehensive NRI digital platform from the ground up - unifying instant remittance from four key corridors (UAE, USA, UK, Bahrain), NRI fixed deposit booking, portfolio investment servicing, and relationship management into a single, multilingual experience supporting Malayalam, Hindi and English.
Key deliverables
Self-service NRI fixed deposits
A fully digital FD booking module that removed physical paperwork and the dependence on home visits to book deposits.
Portfolio Investment Scheme servicing
PIS integration bringing NRI equity and securities investment into self-service for the first time, alongside remittance and deposits.
Multilingual experience
End-to-end servicing in Malayalam, Hindi and English, so language was no longer a barrier for a large share of the diaspora.
Diaspora CRM for relationship managers
A CRM that lets relationship managers track NRI customers across geographies and keep relationship-led service intact in a digital channel.
Automated FEMA compliance
FEMA compliance reporting generated automatically, removing the manual overhead that previously sat on every transaction.
Tech stack
- Flutter
- Java Spring Boot
- PostgreSQL
- SWIFT/GPI integration
- ExchangeRate APIs
- Twilio OTP
- AWS
- Salesforce CRM
Results & impact
3.4×Remittance volume growth in 12 months
8 minAverage remittance turnaround time
₹4,200CrNRI fixed deposits mobilised in Year 1
62 → 81NRI customer NPS
+4 ptsGulf remittance market share
Baaz helped Federal Bank turn one of India's most established NRI banking relationships into a fully digital, multilingual, and compliant remittance and investment experience - without losing the trust built over decades.
Frequently asked questions
Baaz designed and built a unified, mobile-first NRI digital platform from the ground up. It brings instant cross-border remittance, self-service NRI fixed deposit booking, and Portfolio Investment Scheme (PIS) servicing into one multilingual experience, replacing a model that previously depended on branch relationships and phone-based service.
The platform supports instant remittance across four key NRI corridors - the UAE, USA, UK and Bahrain - powered by a real-time FX conversion engine with live, transparent rate display. Average remittance turnaround dropped to about eight minutes, and remittance volume grew 3.4x within twelve months of launch.
FEMA compliance reporting is generated automatically on every transaction, removing the manual overhead that previously sat on the bank's NRI desks. Combined with self-service fixed deposits and PIS servicing, this helped Federal Bank mobilise Rs 4,200 crore in NRI fixed deposits in Year 1 while keeping reporting accurate and audit-ready.
The platform provides end-to-end servicing in Malayalam, Hindi and English, so language is no longer a barrier for the large Malayalam- and Hindi-speaking share of the diaspora. This multilingual approach helped lift NRI customer NPS from 62 to 81 and added four points of Gulf remittance market share.
The solution is built on Flutter for the mobile experience, Java Spring Boot services, and PostgreSQL, with SWIFT/GPI integration for cross-border settlement, ExchangeRate APIs for live FX, Twilio OTP for authentication, and Salesforce CRM for the diaspora relationship-management layer, all deployed on AWS.
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