ICICI Bank today announced it is tied up with SWIFT to provide a facility that aids overseas companion banks to send immediate remittances on behalf of their prospects to the beneficiary in India. The beneficiary will get the credit to the bank account quickly. Hence globally, ICICI Bank will provide the facility, referred to as ‘SWIFT gpi Instant’, for cross border inward payments.
This service will provide immediate credit functions by connecting ‘SWIFT gpi’, the cross-border rails with a true-time domestic payments infrastructure. ICICI Bank has enabled its systems to procedure the payments message coming through ‘SWIFT gpi Instant’ and additional remit it quickly to any bank (who are enabled to acquire foreign remittance via IMPS) account in India making use of the IMPS (Immediate Payment Solution) platform. The bank says, this option tends to make the cross-border individual remittances upto Rs 2 lakh coming into India, transparent, dependable and immediate and thereby decreasing the turnaround time drastically from the sector practice of at least a couple of hours.
Sriram H. Iyer, Head – International Banking Group, ICICI Bank says, “India is the largest recipient of cross-border remittances, according to the World Bank data, and ICICI Bank has been a dominant player in inward remittances to India. This integration with the SWIFT platform brings in the convenience of almost instant and seamless cross-border remittances.
He further adds, “The inward remittance message received by ICICI Bank on ‘Swift gpi Instant’ is instantly processed, can be tracked end-to-end and the sender gets complete clarity on the receipt of funds by the beneficiary.”
Key rewards of ‘SWIFT gpi Instant’
- Instant transfer: Personal remittances of up to Rs 2 lakh sent via ‘SWIFT gpi Instant’ are processed quickly and credited into the beneficiary account held with any bank enabled to acquire foreign remittance via IMPS in India, through the IMPS network.
- The service is accessible 24X7 and 365 days
- Transparency on the charges: The specifics about the charges levied by intermediary banks are updated on the ‘SWIFT gpi’ platform it provides the sender full clarity on charges.
- Immediate update on the status of the transfers: The ‘SWIFT gpi’ platform supplies finish to finish tracking of payments from initiation till fulfilment via an immediate automated status update.
To send immediate remittances to India, non-residents can take a look at their Bank overseas and initiate remittance transaction through ‘SWIFT gpi Instant’. It will in turn be executed by ICICI Bank in India to send income quickly to the beneficiary.