The new mobile app will help authorised money changers to digitally complete the KYC verification for issuing the bank’s forex card quickly


ICICI, an Indian multinational banking and financial services company's branch located in Knightsbridge, London. (Credit: Karthik Nadar/Wikipedia.)

ICICI Bank has introduced a new mobile application, dubbed InstaFX, to help authorised money changers quickly issue the bank’s ‘ICICI Bank Forex Prepaid Card’ to customers of any bank.

The app is designed to enable the authorised money changers to complete the KYC verification and validation of customers digitally and in real-time, said the company.

Also, InstaFX facilitates instant activation of ICICI Bank Forex Prepaid Card within a few hours, unlike traditional practice that takes two days, to improve customer convenience.

The Indian banking and financial services firm claimed that it is the first bank in the country to offer such digital KYC verification solution to money changers.

ICICI Bank unsecured assets head Sudipta Roy said: “ICICI Bank has always been at the forefront of introducing pioneering innovations. In recent years, we have leveraged technology to introduce a slew of convenient and digital retail products that can be availed quicker than their available counterparts in the industry.”

InstaFX facilitates the real-time permanent account number (PAN) validation, allowing money changers to validate the customer’s PAN from NSDL instantly.

The app enables money changers to validate the customers’ passport in real-time through the MRZ code and further against PAN data for name and DOB.

Furthermore, InstaFX app will facilitate capturing customer’s live picture that can be validated against their passport photo and can be operated using any android device.

Roy added: “This new app, ‘InstaFX’, is yet another addition to the series of such products and offerings. The 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’.”