Mumbai: Private sector lender ICICI Bank on Friday announced the launch of an online solution to help its customers carry out SWIFT based inward remittances in a faster and hassle-free manner.
Named Smart Wire, the facility allows both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way. ICICI Bank is the first bank in the country to introduce this faster online solution to receive inward wire remittances.
The industry-first facility enables the beneficiary to initiate the wire transfer request, submit online declaration and documents, block the exchange rates in advance and track the status of the transaction.
Through this facility, accurate information related to the beneficiary, purpose of the inward remittance and declaration, where required, are captured in advance and shared with the remitter instantly.
This facilitates seamless processing of the remittance and saves time of the beneficiary who can use this facility for various purposes of remittances including family maintenance and savings, personal gift and financial support, NRE/NRO repatriation, salary, business and management consultancy.
Speaking on the initiative, Sriram H Iyer, Head – International Banking Group, ICICI Bank, said: “We, at ICICI Bank, are committed to offer enhanced convenience to our customers through innovative products and services at the fastest possible speed, with the highest level of security.
“With the launch of Smart Wire facility, which is an industry-first initiative, we are offering our NRI and resident customers a unique combination of speed and an enriched experience of executing a cross-border transaction.
“We believe this new facility will help our customers to conveniently carry out quick and hassle-free money transfers.”
