ICICI and AXIS banks join SWIFT

In Mumbai, SWIFT announces that ICICI Bank and AXIS Bank are the first Indian banks to sign up for its global payments innovation initiative. Both banks will be joining forces with more than 70 other leading banks globally. The initiative aims to enhance cross-border payments by leveraging SWIFT’s proven messaging platform and global reach.
In its first phase, the initiative will focus on business-to-business payments. Designed to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies; the new service will enable corporates to receive an enhanced payments service directly from their banks, with the following key features:

1. Same day use of funds
2. Transparency and predictability of fees
3. End-to-end payments tracking
4. Transfer of rich payment information.

SWIFT and the participating banks from the initiative will discuss this topic further at Sibos 2016 with specific sessions focused on payments innovation.