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ICICI Bank Ltd on Wednesday said it has tied up with SWIFT to offer a facility that helps overseas partner banks send instant remittances on behalf of their customers to beneficiaries in India.
According to a press release, “The beneficiary gets the credit to the bank account instantly. This makes ICICI Bank the first bank in Asia-Pacific and second globally to offer the facility, called ‘SWIFT gpi Instant’, for cross border inward payments.”
This service that offers instant credit works by connecting ‘SWIFT gpi’, a high-speed cross-border rails with a real-time domestic payments infrastructure. It has enabled its systems to process payment messages coming via ‘SWIFT gpi Instant’ and remit it instantly to any bank* account in India using the IMPS (Immediate Payment Solution) platform. (*bank enabled to receive foreign remittance through IMPS).
The solution makes cross-border personal remittances up to Rs 2 lakh transparent, reliable and instant and thereby reducing the turnaround time significantly from the industry practice of at least a few hours, as per the release.
For corporate customers, the facility was enabled in December 2019 and is available on ‘Trade Online’, the bank’s digital platform for export-import transactions. ‘SWIFT gpi’ enables companies/ entities to get the current status of their payment, time taken at each step and final delivery date for their payments.
To send instant remittances to India, non-residents can visit their bank overseas and initiate remittance transactions via ‘SWIFT gpi Instant’. It will in turn be executed by ICICI Bank in India to send money instantly to the beneficiary, as per the release.
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