ICICI Bank has become the first bank in the country to go live with SWIFT gpi, the global payments service, which has become a new standard for cross-border payments and has significantly improved transparency and efficiency for all category of remitters. The service enables real-time payments tracking across correspondent banks. Corporates and other remitters in India will now have access to faster payments along with the facility to track the payments instructions across the correspondent banks globally. Kiran Shetty, head of India and Subcontinents, SWIFT, said ICICI Bank is leading in trade digitization and is committed to serve its clients with the best services. He said hundreds of thousands of gpi payments are already being sent daily over 220 international corridors and are being settled in minutes, and even seconds. Shetty said SWIFT gpi is also looking at adding new services, including a Stop and Recall Payment service that will allow banks to instantly stop a payment, at any point in the payment chain, for example in case of a fraud or when a duplicate payment has been sent erroneously. Vijay Chandok, ED, ICICI Bank, said SWIFT gpi significantly enhances the banking experience for customers in cross-border payments by delivering a totally new standard.
