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ICICI Bank is the first Indian bank to go live on SWIFT global payments innovation

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Mumbai | Friday, Apr 6 2018 IST
SWIFT announces today that ICICI Bank is thefirst bank in India to go live with its global payments innovation service.

SWIFT gpi has been developed as a new standard for cross-borderpayments and significantly improves transparency and efficiency forall category of remitters. The service enables real-time paymentstracking across correspondent banks. With ICICI Bank going live,corporates and other remitters in India will now have access tofaster payments along with the facility to track the paymentsinstructions across the correspondent banks globally.

Kiran Shetty, Head of India and Subcontinents, SWIFT, said''International trade is the backbone of globalisation and animperative for India to grow. ICICI Bank is leading tradedigitisation and committed to serve its clients with the bestservices. The biggest and the most powerful economies look for atrusted trading partner, and we know that SWIFT gpi will bring aboutthat ease of doing business that will be highly beneficial to allcorporates in the country. The new standard for cross-borderpayments, SWIFT gpi brings a new world to corporate treasurers bybringing together real-time payments tracking, transparency of feesand same-day settlement. Hundreds of thousands of gpi payments arealready being sent daily over 220 international corridors and arebeing settled in minutes, and even seconds.''Vijay Chandok, Executive Director, ICICI Bank, said ''ICICI Bank iscommitted to consistently improve the transparency and overallclient experience by driving innovation and leveraging technology.

SWIFT gpi significantly enhances this experience in cross-borderpayments by delivering a totally new standard. We are very excitedto be the first Bank in India to offer SWIFT gpi, a new generationcross-border payment service to our clients''.

SWIFT gpi is also looking at adding new services to further improvecross-border payments. This includes a Stop and Recall Paymentservice that will allow banks to instantly stop a payment, at anypoint in the payment chain, for example in case of a fraud or when aduplicate payment has been sent erroneously.

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