ICICI Bank and Axis Bank are the first Indian banks to sign up for Swift’s global payments innovation initiative. The initiative already has over 70 other leading banks globally which aims to “enhance” cross-border payments by using its messaging platform. In its first phase, the initiative will focus on business-to-business payments. The service offers key features such as the same day use of funds, transparency, and predictability of fees, end-to-end payments tracking, and transfer of rich payment information. The new service will enable corporates to receive an enhanced payments service directly from their banks.
The Belgium-based Swift is a global member-owned cooperative and a leading provider of secure financial messaging services. It provides its members a platform for messaging and standards for communicating, apart from offering products and services to facilitate access and integration, identification, analysis and financial crime compliance to over 11,000 banking and securities companies, market infrastructure and corporates in over 200 countries.
So let’s discuss some questions related to this post:
1. Name the Indian banks which have joined the Swift’s global payments initiative?
2. Where is the headquarter of Swift?
Courtesy: Business Standard