SBI is in the process of availing internal approvals and will also join the network this year.
As many as 11 Indian banks have signed up for SWIFT global payments innovation (SWIFT gpi) network to provide faster cross-border payment services to their customers. They will go live on the payments platform this year, subject to completion of their respective implementation processes.
These include private lenders like ICICI Bank, HDFC Bank, Axis Bank, YES Bank, Federal Bank, IndusInd Bank and City Union Bank. State-run banks like Punjab National Bank, Union Bank of India, Bank of India and Indian Bank have also signed up. Together, they represent over 60% of India's cross-border payments, SWIFT said.
State Bank of India is in the process of availing internal approvals and will also join the network this year.
SWIFT gpi is a cross-border payment service provided by SWIFT that allows faster transfers, transparency and end-to-end tracking. As of now, 100 banks in the APAC region, delivering 90 percent of traffic are gpi-enabled or in the process of enabling while globally 3500 banks have committed to adoption of gpi, SWIFT said. In 2018, the payments platform handled over $40 trillion worth of transactions globally.
By 2020, the service aims to achieve universal adoption. There are over 11,000 banks on the SWIFT network that provides financial messaging service through secure channels.The service provider is also planning to launch a gateway to enable e-commerce and trading platforms to directly plug into SWIFT gpi.