Indian private sector lender ICICI Bank has implemented the SWIFT Global Payments Innovation (gpi) service in order to boost transparency of cross-border payments.
The bank is the first in the country to deploy the SWIFT payments service, which facilitates real-time tracking of payments and payments instructions across correspondent banks.
Plans are also on to upgrade the service by adding new capabilities such as the ability to stop and recall payment at any point in the payment chain in the event of a fraud.
Commenting on the development, ICICI Bank executive director Vijay Chandok said: “SWIFT gpi significantly enhances this experience in cross-border payments by delivering a totally new standard. We are very excited to be the first Bank in India to offer SWIFT gpi, a new generation cross-border payment service to our clients.”
SWIFT head of India and subcontinents Kiran Shetty added: “The new standard for crossborder payments, SWIFT gpi brings a new world to corporate treasurers by bringing together realtime payments tracking, transparency of fees and same-day settlement. Hundreds of thousands of gpi payments are already being sent daily over 220 international corridors and are being settled in minutes, and even seconds.”
In the recent times, ICICI Bank has launched various services to improve its digital banking capabilities. This includes the launch of a social media-based money transfer service called Social Pay earlier this month.