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’:
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)
The service is available 24X7.
The details about the charges levied by intermediary banks are updated on the ‘SWIFT gpi’ platform; it gives the sender complete clarity on charges.
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