ICICI Bank Became 2nd Globally to offer 'SWIFT gpi Instant' facility

ICICI Bank has 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. With this new service, we continue to live up to our commitment to offering customer-centric solutions enabling quick and hassle-free money transfers.”

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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.

Important takeaways for all competitive exams: