ICICI Bank Current Affairs - 2019
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India’s largest private sector lender ICICI Bank became first Indian bank to go live on SWIFT’s (Society for World Interbank Financial Telecommunication System) Global Payment Innovation (GPI), an improved cross-border payments service.
SWFIT GPI was launched in May 2017 to help banks to track their global transactions at all times, keeping full vigil on payments activity. It covers all payment instructions sent across network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. It accounts for 10% of cross border payment traffic on SWIFT network and has enabled more than hundred billion dollars to be transferred across world rapidly and securely every day.
It improves customer experience by increasing speed, transparency and automatically provides status updates to all GPI banks involved in any GPI payment chain. It allows banks to confirm when payment has been completed. It facilitates more accurate reconciliation of payments and invoices, optimises liquidity with improved cash forecasts and reduces exposure to Foreign exchange risk, with same-day processing of funds in beneficiaries’ time zones.
SWIFT (Society for World Interbank Financial Telecommunication System)
SWIFT is global financial messaging service that enables financial institutions worldwide to send and receive information about financial transactions in secure, standardized and reliable environment. It is used to transmit messages relating to cross border financial transactions. It was founded in 1973 and is headquartered in La Hulpe, Belgium.
ICICI Bank, India’s largest private sector bank has launched EazyPay mobile application for merchants that allows all-in-one acceptance payments platform.
This app consolidates all digital wallets, QR code, Unified Payments Interface (UPI), and credit & debit cards modes of payments. With this, ICICI Bank became first bank in the country to roll out all-in-one payments platform.
- Eazypay app is sustainable payment mode compared to current peer-to-peer digital applications.
- It has ‘open architecture’ which makes it distinct from other digital payments that are actually closed-loop prepaid instruments.
- Using it customer can make payments through any bank account using UPI or internet banking or using credit or debit card details on smartphone on a link forwarded by the merchant.
- It has no issue of hitting the limit as the money flows directly into the bank account of merchant. It also has its in-built billing application for merchants.
- It also allows merchants to receive payments from ICICI Bank’s own e-wallet ‘Pockets’.