‘Smart Wire’ launched by ICICI Bank for faster SWIFT-based inward remittances

Tags: Economy/Finance

India’s 2nd largest private bank ICICI Bank has launched Smart Wire, for its customers to help them with SWIFT-based inward remittances in a faster and hassle-free manner. 

ICICI Bank, which is the first bank in the country to launch such a service, said that the Smart Wire facility will allow both Non Resident Indians (NRIs) and resident customers to undertake inward remittance transactions in an online and paperless way.

Wire transfer is an electronic way to transfer the money from one bank to another or a financial service provider. The funds are transferred through SWIFT or Society for Worldwide Interbank Financial Telecommunication network.

Inward Remittance: Remittance means transfer of funds from one place to another. Inward remittance means that a person who is living outside India sends money to India.

SWIFT was set up in 1973 with its headquarters in La Hulpe, Belgium and it became live in 1977. It is a messaging system which provides instant communication between the networked member banks for cross border international fund transfer. The communication is secured and standardized. 

At present it is present in all the continents with 200 plus countries and territories and more than 10,500 institutions as its client.

ICICI Bank 

Managing Director and Chief Executive Officer: Sandeep Bakshi 

Headquarters : Vadodara ,Gujarat