Xoom enters into remittance venture with Indus American Bank.

(From Electronic Payments International)

Global remittance specialist Xoom has announced a strategic venture with US-based Indus American Bank, which caters to the south Asian migrant community in the north-east US. The partnership allows Indus American Bank to offer its customers remittances to India through Xoom's global money transfer engine and expanding disbursement network.

Indus American Bank and Xoom went from initial discussion of the venture to product deployment in only three months. Indus American Bank launched its remittance product to India in November 2006, and will offer remittances to Nepal, Pakistan, Sri Lanka and Bangladesh by the end of …