ICICI Bank and Axis Bank have become the first domestic lenders to sign up for SWIFT’s global payments innovation initiative, which already has over 70 other leading banks globally. The new service will enable corporates to receive an enhanced payments service directly from their banks.
The initiative aims to enhance cross-border payments by leveraging SWIFT’s messaging platform and global reach and in the first phase, the initiative will focus on business-to-business payments.
The service offers key features such as the same day use of funds, transparency and predictability of fees, end-to-end payments tracking, and transfer of rich payment information.
