Incorporated in the year 2012, Avenues Payments India Pvt. Ltd is majorly into providing remittance assistance to customers all around the globe. Avenues Payments India Pvt. Ltd is backed by Avenues India, south Asia’s No. 1 eCommerce service provider. The company’s support and development center is based in Mumbai, India.
According to its website, Avenues Payments offers three solutions:
- Digi Remit
- Digi Forex
LastMile is a multi-country, multi-currency, omni-channel, block-chain-ready cross-border remittance platform. By using LastMile, banks can manage its vostro business generated from other banks, exchange houses, digital money transfer operators and licensed money service businesses globally. Banks can onboard various exchange houses and manage the payment instructions received from exchange houses/ customers and settle funds to designated beneficiaries bank account. The software platform also includes allied services such as Anti-Money Laundering checks, KYC Checks, Technology Services and any other service offered by Avenues Payments India Pvt. Ltd. and accepted by the Bank.
In December 2018, Avenues Payments LastMile won the “Best use of Digital media/platform in the banking category” award at “Drivers of Digital awards 2018”.
According to an announcement:
“Presently, the LastMile platform is being used by Kotak Mahindra Bank and AXIS Bank. Some features of LastMile which have made it grab this prestigious award are:
– Easy one window interface with exchange companies, other banks, and digital remittance companies on the sending side.
– Multiple access options such as: seamless system connectivity (Host to Host), easy file uploads and direct access to the partner.
– Can manage multiple currencies.
– Can screen against anti-terror list and carry out anti-money laundering checks.
– Can deliver to bank accounts, wallets, and card numbers.
Recently, Avenues Payments also successfully partnered with Ripple and integrated LastMile with Ripple. Now, LastMile users can remit with the efficiency of Ripple’s strong and secure blockchain technology.”
Both Kotak Mahindra and Axis Bank are Ripple customers and have developed remittance platforms (1, 2) with Avenues Payments help. Morever, a few other Ripple customers seem to be using Avenue Payments for their remittance platforms: Bahrain Financing Company (BFC), Yes Bank and IndusIND.
We would like to thank CosaNostra (@nostra77 on twitter) for bringing this company to our attention.