ICICI Bank launches smart wire for faster SWIFT-based inward remittances

ICICI Bank has launched a unique solution, 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 NRIs and resident customers to undertake inward remittance transactions in an online and paperless way. 

As per the details, the Smart Wire facility enables the beneficiary to initiate the wire transfer request, submit online declaration/documents, block the exchange rates in advance and track the status of the transaction. One can log in to ICICI bank’s internet banking platform, and avail of the service. 

Through this facility, accurate information related to the beneficiary, the purpose of the inward remittance, and declaration, where required, are captured in advance and shared with the remitter instantly. 

“With the launch of the 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,” said Sriram H. Iyer, Head-International Banking Group, ICICI Bank. 

Counting the benefits, the bank said that Smart Wire facilitates seamless processing of the remittance and saves time for the beneficiary, who can use this facility for various purposes of remittances including family maintenance and savings, personal gift / financial support, NRE/ NRO repatriation, salary, business, and management consultancy.