Indian private sector lenders ICICI Bank and AXIS Bank have become the first Indian banks to join SWIFT’s global payments innovation initiative that aims to facilitate cross-border payments.
The two Indian banks are the first Indian lenders to join the initiative, which already involves over 70 other banks across the globe.
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AXIS Bank group executive of corporate & transaction banking Sidharth Rath said: “We are pleased to be part of the global payments innovation initiative of SWIFT and to work with the wider industry in order to provide an enhanced experience to our customers through a faster, predictable and transparent cross-border payment platform."
In the initial phase, the initiative will focus on business-to-business payments.
The service will help corporates get improved enhanced payments service directly from their banks, SWIFT said. Among key features of the service include the same day use of funds, transparency and predictability of fees, end-to-end payments tracking, as well as transfer of rich payment information.
ICICI Bank senior general manager Ajay Gupta said: “The global payments innovation initiative is one such initiative where we believe that our clients will immensely benefit with same day credit, increased visibility and certainty of charges. This will enhance the payments product in the correspondent banking portfolio thereby enhancing our value proposition to corporate clients.”
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