ICICI and Axis first Indian banks to join Swift payments initiative
Swift says both of them will be joining forces with more than 70 other banks globally. The initiative aims to “enhance” cross-border payments by using its messaging platform.
In its first phase, the initiative will focus on business-to-business payments. Key features include the same day use of funds, “transparency and predictability” of fees, end-to-end payments tracking, and transfer of payment information.
Ajay Gupta, senior general manager, ICICI Bank, says the initiative means its clients “will immensely benefit with same day credit, increased visibility and certainty of charges”.
Sidharth Rath, group executive, corporate and transaction banking, Axis Bank, says the payment scenario is “dynamic” and it needs to “embrace new technologies and initiatives” for the “ever increasing needs of our customers”.
Swift says it is working closely with the industry to “transform” correspondent banking and with the global payments innovation initiative it wants to set a “new standard” in cross-border payments. It says additional banks are welcome to join the initiative at any time.
Swift and the participating banks from the initiative, will discuss this topic further at Sibos 2016 with specific sessions focused on payments innovation.
Earlier this year, Swift India Domestic Services (Swift India) went live as the nation seeks to improve its digital economy.
Swift India is a joint venture created by Swift, the global banking co-operative, and nine partner banks to “address domestic market needs” of the Indian financial services industry.