Eurobank and NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), signed a memorandum of cooperation aimed at improving cross-border payments using the UPI (Unified Payments Interface) technological infrastructure. The agreement aims to drastically improve the process of international money transfers, with a special focus on simplifying remittances from Greece to India.
The signing of the MoU establishes a strategic alliance, where both sides will cooperate by being a point of contact for the realization of International Remittance transactions from Greece to India. They will also manage trade clearing, accounting reconciliation and dispute resolution for each country respectively. This initiative will make Greece one of the first European nations to enable the Indian diaspora residing in the country to send money to India quickly and easily using the UPI system infrastructure.
Fokion Karavias, CEO of Eurobank, said: “We are excited about the prospect of working with NPCI International to leverage the innovative UPI technology in remittances from Greece to India. Money remittances through UPI will be especially useful for the Indian community in Greece. The strategic partnership with NPCI International is fully in line with Eurobank’s strategic commitment to be the bank of choice for businesses from India seeking to establish themselves in Greece or Cyprus as an entry point for their business in Europe.”
Ritesh Shukla, CEO of NIPL, said: “This strategic alliance with Eurobank marks an important milestone in the expansion of Indian-developed payment technologies beyond our borders. It highlights the flexibility and power of UPI in the international financial landscape, paving the way to strengthen India-Greece economic ties by improving the flow of remittances. In addition, it underscores our commitment to providing innovative and customer-centric solutions, which are benchmarks in the field of international payment systems and reinforce our vision for a more interconnected and inclusive world in the financial sector.”