SWIFT Expands Global Payments Initiative, Adding First Indian Banks

SWIFT, a provider of financial messaging services, has added to its recent global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term innovation agenda with Icici Bank and Axis Bank, the first two Indian banks to join the group’s network, following the launch of the initiative last month, per a SWIFT statement.

Back in June, SWIFT’s innovation initiative was designed to help foster and augment cross-border payments by leveraging SWIFT’s messaging platform and global reach. More specifically, banks will be able to give their corporate clients an improved payment experience, with benefits such as same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.

In its initial phase, the initiative will focus on Business-to-Business (B2B) Business-to-Business (B2B) Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturin Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturin Read this Term) payments, including an emphasis on helping corporations grow their international business. Moreover, the service will feature several key features, including same day use of funds, transparency and predictability of fees, end-to-end payments tracking, and the transfer of high yield payment information.

The development is noteworthy for India, given the country’s recent drive to help improve banking security and development in the sector – Icici Bank and Axis Bank join SWIFT’s 73 existing members in the initiative.

According to Ajay Gupta, Senior General Manager, ICICI Bank, in a recent statement on the initiative: “ICICI Bank has always been at the forefront in introducing technology in the banking segment. We are constantly looking at ways to add value to our corporate clients.”

“The global payments innovation initiative is one such initiative where we believe that our clients will immensely benefit with same day credit, increased visibility and certainty of charges. This will enhance the payments product in the correspondent banking portfolio thereby enhancing our value proposition to corporate clients.”

“By being the first banks in India to join the global payments innovation initiative, ICICI Bank and AXIS bank reiterate their commitment to offering greater speed, transparency and predictability to their clients when it comes to cross-border payments,” added Kiran Shetty, Head of India and Subcontinent, SWIFT in an accompanying statement.