Home >Industry >Banking >ICICI Bank offers instant facility for cross-border inward remittances: Key benefits

ICICI Bank today announced that it 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 the second globally to offer the facility, called ‘SWIFT gpi Instant’, for cross border inward payments.

Speaking on the initiative, Sriram H. Iyer, Head - International Banking Group, ICICI Bank said, “ICICI Bank has been a dominant player in inward remittances to India. We are delighted to be the first bank in Asia-Pacific to go live with the ‘SWIFT gpi Instant’ solution. . With this new service, we continue to live up to our commitment to offering customer-centric solutions enabling quick and hassle-free money transfers."

Kiran Shetty, CEO & Regional Head, India & South Asia, SWIFT said, “As the world is increasingly becoming real-time, ‘SWIFT gpi Instant’ is an important milestone for our strategic ambition to help banks and their clients meet the growing global demand for instant and frictionless cross-border transfers.."

Key benefits of ‘SWIFT gpi Instant’:

Instant transfer

Personal remittances of up to `2 lakh sent through ‘SWIFT gpi Instant’ are processed instantly and credited into the beneficiary account held with any bank* in India, via the IMPS network. (*bank to be enabled to receive foreign remittance through IMPS)

Available 24X7 and 365 days

The service is available 24X7.

Transparency on the charges

The details about the charges levied by intermediary banks are updated on the ‘SWIFT gpi’ platform; it gives the sender complete clarity on charges.

Immediate update on the status of the transfers

The ‘SWIFT gpi’ platform provides end to end tracking of payments from initiation till fulfilment through an instant automated status update.

To send instant remittances to India, non-residents can visit their Bank overseas and initiate remittance transaction via ‘SWIFT gpi Instant’. It will in turn be executed by ICICI Bank in India to send money instantly to the beneficiary.

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