Private lender ICICI Bank has created a milestone by becoming India’s first bank to unveil cross-border payments.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) made this announcement recently, naming the bank’s breakthrough achievement with regards to Global Payments Innovation (GPI) service.
SWIFT GPI service has been developed as a new standard to analyse cross-border payments and significantly perk up transparency and efficiency for all category of remitters.
The service assists in real-time payments tracking across correspondent banks. With ICICI Bank in place, corporates and other remitters in India will now be able to acquire swifter payments in addition to the facility to tap the payments instructions across the correspondent banks globally.
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