ICICI Bank has tied up with SWIFT to offer a facility that helps overseas partner banks to send instant remittances on behalf of their customers to the beneficiary in India. 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’, the high-speed cross-border rails with a real-time domestic payments infrastructure. ICICI Bank has enabled its systems to process the payments message coming via ‘SWIFT gpi Instant’ and further 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 the cross-border personal remittances upto Rs 2 lakh coming into India, transparent, reliable and instant and thereby reducing the turnaround time significantly from the industry practice of at least few hours.
ICICI Bank is a leading private sector bank in India.
