Global payments leader SWIFT, which already has over 70 other leading banks globally now signs up with ICICI and Axis Bank, thereby become the first domestic leaders to enter the international payment group.
What is a SWIFT payment?
SWIFT payments are a type of international transfer sent via the SWIFT international payment network. The SWIFT international payment network is one of the largest financial messaging systems in the world. Transfer Wise can send or receive certain currencies via SWIFT payment.
The SWIFT international payment network is one of the largest financial messaging systems in the world. Transfer Wise can send or receive certain currencies via SWIFT payment.
For USD transfers over the equivalent of £24,000, Transfer Wise sends the money to the USA via SWIFT international transfer from our foreign currency accounts in Europe. They also send out JPY and ZAR via SWIFT.
Being the first banks in India to join the global payments innovation initiative, ICICI Bank and AXIS bank for cross-border payments, these banks can reiterate their commitment to offering greater speed, transparency and predictability to their clients.
This new innovative initiative has been aimed that these new service will enable corporates to receive an enhanced payments service directly from their banks and also:-
- To help corporate grow their international business
- Improve supplier relationships, and
- Achieve greater treasury efficiencies.
Same day use of funds, transparency and predictability of fees, end-to-end payments tracking, and transfer of rich payment information are witnessed to be important features of this initiative.
It is noted that SWIFT is working closely with the industry to transform correspondent banking and with the global payments innovation initiative and is setting a new standard in cross-border payments.
About ICICI Bank:
Name – Industrial Credit and Investment Corporation of India Bank
HQ – Mumbai
CEO – Chanda Kochhar.
About AXIS Bank:
HQ – Mumbai,
Establishment – 1990
CEO – Shikha Sharma