Eleven Indian banks have signed up for SWIFT global payments innovation (SWIFT gpi) network to provide faster cross-border payment services to their customers. These banks will go live on the payments platform this year after completion of their respective implementation processes. The banks are: ICICI Bank, HDFC Bank, Axis Bank, YES Bank, Federal Bank, IndusInd Bank, City Union Bank, Punjab National Bank, Union Bank of India, Bank of India and Indian Bank. According to SWIFT, these banks together represent over 60% of India’s cross-border payments. State Bank of India is also expected to join the network. SWIFT gpi is a cross-border payment service provided by SWIFT that allows faster transfers, transparency and end-to-end tracking. As of now, 100 banks in the APAC region are gpi-enabled or in the process of enabling while globally 3500 banks have committed to adoption of gpi.
