SWIFT announces Axis Bank and ICICI first to join global payments innovation initiative

Q.  Which bank(s) became the first to sign for SWIFT global payments innovation initiative?
- Published on 01 Aug 16

a. HDFC
b. ICICI
c. AXIS
d. Both b and c

ANSWER: Both b and c
 
SWIFT has announced that ICICI Bank and Axis Bank are the first in India to sign up for global payments innovation initiative.
  • Both banks will collaborate with close to 70 leading banks internationally.
  • Initiative aims to enhance cross border payment through instant messaging platform ensuring global reach.
  • It has 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.

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