TimesofMoney
Encyclopedia
TimesofMoney is a digital payment service provider based in Mumbai
, India
and serves a varied clientele in India and globally. The company’s offering includes specialized NRI
services, India centric and global money transfers
, e-payments and co-branded cards.
TimesofMoney offerings to its customers can be categorized as ‘personal solutions’ which include NRI centric online remittance and other services such as Window2India, Remit2India
along with Remit2Home and TimesCard. Its ‘business solutions’ include DirecPay – an online payment gateway
– and white label remittance services.
of The Times Group, which controls operations of the company along with its other internet based businesses.
2001
2002
2003
2004
2005
2007
2008
2009
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and serves a varied clientele in India and globally. The company’s offering includes specialized NRI
Non-resident Indian and Person of Indian Origin
A Non-Resident Indian is an Indian citizen who has migrated to another country, a person of Indian origin who is born outside India, or a person of Indian origin who resides permanently outside India. Other terms with the same meaning are overseas Indian and expatriate Indian...
services, India centric and global money transfers
Money transfer
Money transfer generally refers to one of the following cashless modes of payment or payment systems:*Wire transfer, an international expedited bank-to-bank funds transfer*Electronic funds transfer, an umbrella term mostly used for bank card-based payments...
, e-payments and co-branded cards.
TimesofMoney offerings to its customers can be categorized as ‘personal solutions’ which include NRI centric online remittance and other services such as Window2India, Remit2India
Remit2India
Remit2India launched on 14 February 2001 as a personalized online remittance service, which facilitates money transfers to India by Non Resident Indians spread across the world. The service provides global coverage, aggregates payments and delivery modes and claims to have the widest delivery...
along with Remit2Home and TimesCard. Its ‘business solutions’ include DirecPay – an online payment gateway
Payment gateway
A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets...
– and white label remittance services.
History
TimesofMoney is a part of Times Internet Limited, a wholly owned subsidiarySubsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of The Times Group, which controls operations of the company along with its other internet based businesses.
Key milestones
2000- Company incorporated Mumbai as a Joint Venture between Citi Ventures & Bennet Coleman & Co Ltd (BCCL)
2001
- February: Commenced operations with the brand Remit2IndiaRemit2IndiaRemit2India launched on 14 February 2001 as a personalized online remittance service, which facilitates money transfers to India by Non Resident Indians spread across the world. The service provides global coverage, aggregates payments and delivery modes and claims to have the widest delivery...
, which was online money transfer service for NRIs in the U.S. - June: Offered credit card & home loans to customers as an aggregator of different banks’ products. Also launched the first online mutual fund buying & selling platform in India.
2002
- February: Launched the first ACH (Automated Clearing HouseAutomated Clearing HouseAutomated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments...
) based direct debit remittance service in the U.S. Also launched a service for NRIs in the U.K - August: Other competitors such as ICICI Bank’s Money2India & Cash2India launched similar services for NRIs.
- November: Aired its first brand commercial in the U.S market
2003
- July: Extended service to NRIs in Australia & Europe
- September: Created a white-label remittance engine for other banks & exchange houses to use. TimesofMoney would offer the technology, operations & service platform for the partner.
2004
- March: HDFC BankHDFC BankHDFC Bank Limited is a major Indian financial services company based in India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company of India...
launches QuickRemit service powered by TimesofMoney for the white-labeled remittance service, Quickremit - May: Union BankUnion BankUnion Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank , it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.In 2006, Standard...
launches web based remittance service powered by TimesofMoney - June: TimesofMoney tie-up with Indian Overseas BankIndian Overseas BankIndian Overseas Bank is a major bank based in Chennai , with 2018 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 2018 branches use to provide online banking to customers; the...
(IOB) - June: TimesofMoney tie-up with Indian BankIndian BankIndian Bank is a major Indian Commercial Bank headquartered in Chennai , India. It has 22,000 employees, 1923 branches and is one of the big public sector banks of India. It has overseas branches in Colombo, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries...
2005
- January: TimesofMoney tie-up with Dena BankDena BankDena Bank is one of the earliest banks in India headquartered in Mumbai.-History:* Dena Bank was founded by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd....
for fund transfer - November: TimesofMoney inks deal with ING VysyaING Vysya BankING Vysya Bank is a Bangalore-based retail and commercial bank, formed after the ING Group formally merged with Vysya Bank in 2002. This merger marks the first between an Indian bank and a foreign bank.-Early years:...
2007
- June: Remit2India wins the Savile Row Brand Award at the Asia Brand Congress
- August: TimesofMoney ties-up with Philippine Inquirer
- November: TimesofMoney ties-up with UAE ExchangeUAE ExchangeUAE Exchange is a remittance and currency exchange company based in the United Arab Emirates with operations in a number of countries. It has over 300 branches, 50 of these are in the middle east and over 200 in India through its subsidiary UAE Exchange & Financial Services...
- November: TimesofMoney launches Window2India
2008
- April: TimesofMoney launches TimesCard
- August: TimesofMoney launches MyExchange for its US based customers
- November: TimesofMoney enters strategic alliance with Axis BankAxis BankAxis Bank Limited, formerly UTI Bank, is a financial services firm that had begun operations in 1994, after the Government of India allowed new private banks to be established...
for remittance solution - November: TimesofMoney ties up with Barclays to extend its inward remittance service
- December: TimesofMoney launches DirecPay 2009
2009
- July: TimesofMoney receives PCI DSS certification
- August: TimesofMoney enables Citibank’s Singapore to India remittance corridor
- August: TimesofMoney awarded ISO 9001: 2000 quality certification (DNV)
- September: TimesofMoney ties-up with IDBI BankIDBI BankThe IDBI Bank Limited is one of India's leading public sector banks and 4th largest Bank in overall ratings. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian...
to facilitate online money transfer for bank customers in UK - November:
- TimesofMoney wins award for Brand Excellence in Internet Business at World Brand Congress 2009
- Mr. Avijit Nanda, President, TimesofMoney wins Young Achiever Award at World Brand Congress 2009
External links
- TimesofMoney Official Website