After its partnership with SWIFT on June 02, 2021, ICICI (Industrial Credit and Investment Corporation of India) Bank became the 1st bank in Asia-Pacific and the 2nd globally to offer the facility called ‘SWIFT gpi (Society for Worldwide Interbank Financial Telecommunication Global Payments Innovation) Instant’, the facility for cross border inward payments.
- The facility will help overseas partner banks to send instant remittances on behalf of their customers to the beneficiary in India, the beneficiaries will get instant credit to their bank account.
Objective: To offer customer-centric solutions to meet the global demand for instant and hassle-free cross-border transfers.
Key benefits of ‘SWIFT gpi Instant’:
a.Instant transfer:
i.To send instant remittances to India, non-residents can visit their Bank overseas and initiate remittance transactions via ‘SWIFT gpi Instant’.
ii.ICICI will process those cross border Personal remittances (up to Rs 2 lakh) through ‘SWIFT gpi Instant’, and instantly credit it to the beneficiary account, that is held by any bank in India using the IMPS (Immediate Payment Service) platform.
Note – The bank should be enabled to receive foreign remittance through IMPS.
b.Availability:
The service is available 24X7 throughout the year.
c.Transparency on the charges:
The bank updates the details about the charges levied by intermediary banks on the ‘SWIFT gpi Instant’ platform which will give complete clarity on charges for the sender.
d.Immediate update:
The ‘SWIFT gpi Instant’ platform will provide end to end tracking of payments from initiation to fulfilment through an instant automated status update.
Existing facility: The cross-border transfer facility for corporate customers was enabled in December 2019 through the banks’ digital platform for export-import transactions, ‘Trade Online’.
Note – India is the largest recipient of cross-border remittances, according to the World Bank data.Lloyds is world’s first bank live on Swift gpi instant
Recent Related News:
ICICI Bank and Decentro Tech Private Ltd, a full-stack Application Programming Interfaces(API) banking platform, made a partnership to offer customized business banking APIs to fintechs, startups, and corporates and e-commerce companies.
About SWIFT:
Headquarters – La Hulpe, Belgium
CEO – Javier Pérez-Tasso
About ICICI Bank:
Establishment – 1955 (Incorporated in 1994)
Headquarters – Mumbai, Maharashtra
MD& CEO – Sandeep Bakhshi
Tagline – Hum hai na, Khayal Apka
