ICICI Bank launches Smart Wire facility for SWIFT based inward remittances

ICICI Bank has launched ‘Smart Wire’, an online solution for helping its customers undertake SWIFT based inward remittances in a quicker and seamless manner.

With Smart Wire, NRIs as well as resident customers can carry out inward remittance transactions in an online and paperless manner, said the Indian private sector bank.

According to ICICI Bank, the new facility allows the beneficiary to initiate the request for wire transfer, submit declaration/documents online, in advance, block the exchange rates, and monitor the status of the transaction.

By using the ICICI Bank Smart Wire facility, accurate information pertaining to the beneficiary, reason for the inward remittance and declaration, where needed, are instantly captured in advance and shared with the remitter. This enables smooth processing of the remittance and helps the beneficiary saves time.

The Smart Wire facility can be used for multiple purposes of remittances such as family maintenance and savings, non resident external (NRE)/non-resident ordinary (NRO) repatriation, personal gift/financial support, business and management consultancy, and salary.

Sriram H. Iyer — ICICI Bank Head of International Banking Group 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.”