CURRENT AFFAIRS

Detailed explanation-1: -This makes ICICI Bank the first bank in Asia-Pacific and second globally to offer the facility, called ‘SWIFT gpi Instant’, for cross border inward payments.

Detailed explanation-2: -The banks are: ICICI Bank, HDFC Bank, Axis Bank, YES Bank, Federal Bank, IndusInd Bank, City Union Bank, Punjab National Bank, Union Bank of India, Bank of India and Indian Bank. According to SWIFT, these banks together represent over 60% of India’s cross-border payments.

Detailed explanation-3: -ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors.

Detailed explanation-4: -It’s tried and tested by a community of over 4, 232+ financial institutions.

Detailed explanation-5: -Lloyds Bank in the UK has become the first bank to switch on Swift gpi Instant, a new service from the Brussels-based interbank co-operative that enables consumers and businesses to send tracked payments in seconds across borders.