SWIFT Expands Global Payments Initiative, Adding First Indian Banks

Icici Bank and Axis Bank are the first two Indian banks to sign up for SWIFTs global program.

SWIFT, a provider of financial messaging services, has added to its recent global payments innovation agenda with Icici Bank and Axis Bank, the first two Indian banks to join the group’s network, following the launch of the initiative last month, per a SWIFT statement.

Back in June, SWIFT’s innovation initiative was designed to help foster and augment cross-border payments by leveraging SWIFT’s messaging platform and global reach. More specifically, banks will be able to give their corporate clients an improved payment experience, with benefits such as same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.

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In its initial phase, the initiative will focus on business-to-business (B2B) payments, including an emphasis on helping corporations grow their international business. Moreover, the service will feature several key features, including same day use of funds, transparency and predictability of fees, end-to-end payments tracking, and the transfer of high yield payment information.

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The development is noteworthy for India, given the country’s recent drive to help improve banking security and development in the sector – Icici Bank and Axis Bank join SWIFT’s 73 existing members in the initiative.

According to Ajay Gupta, Senior General Manager, ICICI Bank, in a recent statement on the initiative: “ICICI Bank has always been at the forefront in introducing technology in the banking segment. We are constantly looking at ways to add value to our corporate clients.”

Kiran Shetty
Kiran Shetty

“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.”

“By being the first banks in India to join the global payments innovation initiative, ICICI Bank and AXIS bank reiterate their commitment to offering greater speed, transparency and predictability to their clients when it comes to cross-border payments,” added Kiran Shetty, Head of India and Subcontinent, SWIFT in an accompanying statement.

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