New Delhi: ICICI Bank has announced the launch of an online solution to help its customers make inbound SWIFT (Society for Worldwide Interbank Financial Telecommunications) transfers in a faster and hassle-free manner.
Called ‘Smart Wire’, the facility allows both NRIs and resident customers to transact incoming remittances online and paperless. ICICI Bank is the first bank in the country to introduce this faster online solution for receiving incoming bank transfers.
The facility allows the beneficiary to initiate a bank transfer request, submit online declarations / documents, pre-lock exchange rates and track transaction status, says ICICI Bank.
The bank claims that through this tool, accurate information regarding the payee, the purpose of the incoming transfer and the declaration is pre-captured whenever required and instantly shared with the originator.
According to ICICI Bank, this would save the time of the beneficiary who can use this facility for various remittance purposes including family maintenance and savings, personal gift/financial support, NRE/NRO repatriation, payroll, business and management consultancy.
Smart Wire by ICICI Bank: Key Features
Here are the key features of Smart Wire:
Submit details online: The beneficiary can generate a pre-filled bank transfer request form online.
Digital Declaration: For seamless transaction processing, the device allows the beneficiary to submit the required details/declaration online while initiating the bank transaction.
Block Exchange Rates: The beneficiary can block the exchange rate for the expected incoming bank transfer. Trade booking facility is available for USD, EUR, GBP, AED, CAD, SGD and AUD.
Online Tracking: Beneficiary can also track the transactions online after logging into the internet banking portal anytime anywhere.
Email request for remitter: Once the recipient initiates a remittance request, the remitter will immediately receive complete bank transfer details through a system-generated email
Customers can use the “Smart Wire” facility after logging into the Internet Banking platform.
