ICICI Bank offers an instant facility for cross-border inward remittances

By: |
June 02, 2021 6:13 PM

This service will offer instant credit works by connecting ‘SWIFT gpi’, the cross-border rails with a real-time domestic payments infrastructure.

SENDING MONEY ABROAD, remittances, rbi, icici bank, covid-19, coronavirus, covid-19 update, Stock markets , covid drive market trends, foreign investment, Brent crude prices and rupee movement,The revised scheme is among multiple other offerings by SIDBI announced post-Covid to support MSMEs.

ICICI Bank today announced it’s 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 will get the credit to the bank account instantly. Hence globally, ICICI Bank will offer the facility, called ‘SWIFT gpi Instant’, for cross border inward payments.

This service will offer instant credit works by connecting ‘SWIFT gpi’, the cross-border rails with a real-time domestic payments infrastructure. ICICI Bank has enabled its systems to process the payments message coming via ‘SWIFT gpi Instant’ and further remit it instantly to any bank (who are enabled to receive foreign remittance through IMPS) account in India using the IMPS (Immediate Payment Solution) platform. The bank says, this solution makes the cross-border personal remittances upto Rs 2 lakh coming into India, transparent, reliable and instant and thereby reducing the turnaround time significantly from the industry practice of at least a few hours.

Sriram H. Iyer, Head – International Banking Group, ICICI Bank says, “India is the largest recipient of cross-border remittances, according to the World Bank data, and ICICI Bank has been a dominant player in inward remittances to India. This integration with the SWIFT platform brings in the convenience of almost instant and seamless cross-border remittances.

He further adds, “The inward remittance message received by ICICI Bank on ‘Swift gpi Instant’ is instantly processed, can be tracked end-to-end and the sender gets complete clarity on the receipt of funds by the beneficiary.”

Key benefits of ‘SWIFT gpi Instant’;

  • Instant transfer: Personal remittances of up to Rs 2 lakh sent through ‘SWIFT gpi Instant’ are processed instantly and credited into the beneficiary account held with any bank enabled to receive foreign remittance through IMPS in India, via the IMPS network.
  • The service is available 24X7 and 365 days
  • 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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