Federal Bank and digital payment server Oxigen have joined hands to allow over 3 lakh retail outlets of the latter to remit cash collected from customers to the bank through its e-collection platform.
"As per the arrangement, three lakh plus retail outlets of Oxigen can now remit their cash collection at the Federal Bank branches pan India. This helps the outlets to get replenished their running limits on the spot enabling them to continue to serve the customers hassle free," Federal Bank said while announcing the partnership.
Federal Bank will leverage its e-collection platform to validate the details of the outlets on a real time basis, before accepting the payment.
Oxigen deals in services like money transfer, domestic money remittance, digital payments as well as facilities like making payments for utility services.
"Our powerful e-collection platform is supporting synergistic partnerships like the one with Oxigen which is the largest e-collection arrangement that the bank has done till date. We are giving added thrust at Delhi and NCR for more such corporate partnerships and alliances," said Shalini Warrier, Chief Operating Officer, Federal Bank.
She said the bank is going aggressively on digital banking and the mobile banking app FedMobile offers all services to customers including money transfer, mobile recharge, utility bill payments, hotel and bus bookings and other services.
"At the Oxigen outlets, the retailer is accepting money and he is paying money also. So, some money is going out and some money is coming in, if the retailer has more coming in and less going out them he will have some surplus cash which he wants to deposit in the bank, which can be done at Federal Bank in an instant credit real time basis, that is the arrangement with the bank," said Pramod Saxena, Founder and Chairman of Oxigen.
Warrier said Federal Bank has also revamped its retail net banking services recently to give unmatched customer experience.
Federal Bank is giving added thrust at Delhi and NCR for more such corporate partnerships and alliances, she added.
Saxena said the partnership will help company's outlets to leverage on the latest technological capabilities to serve customers more efficiently.
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