ICICI Bank has launched Smart Wire, an online solution for domestic remittances. | Techno Glob


ICICI Bank has announced the launch of an online solution to enable its customers to make SWIFT-based domestic remittances faster.

The Smart Wire Facility enables both NRIs and resident customers to perform remittance transactions online and in a paperless manner. ICICI Bank is the first bank in the country to introduce this fast online solution to receive domestic remittances.

Industry-first utility to initiate wire transfer request to beneficiary; to submit online declarations/documents; It allows you to pre-block exchange rates and track the status of transactions. Through this facility, Specific information relating to the beneficiary; Where necessary, local remittance and purpose of declaration is pre-captured and instantly shared with the remitter. It is family maintenance and savings; Personal gift / financial support; NRE/NRO repatriation; salary, This facility can be used for a variety of remittance purposes including business and management consultancy, allowing for smooth and seamless processing of the beneficiary’s time.

Sriram H. Iyer, Head, ICICI Bank, said, “At ICICI Bank, we are committed to providing customers with greater convenience through innovative products and services at the highest possible speed, with maximum security. With the launch of an industry-first initiative, the ‘Smart Wire’ facility, we are offering our NRI and resident customers a unique combination of speed and rich experience of cross-border transaction processing. We are confident that this new facility will help our customers facilitate fast and hassle-free transactions.”

Key features of the ‘Smart Wire’ facility are:

· Online submission of details: Beneficiary can generate pre-filled wire transfer request form online.

· Digital Statements: For seamless transaction processing; The service enables the beneficiary to submit the necessary details/declarations online while initiating the wire transfer.

· Blocking Exchange Rates: Beneficiary can block the exchange rate for the expected inward wire transfer. The booking facility for the deal is USD; EUR GBP AED CAD Available for SGD and AUD.

· Online Tracking: The beneficiary can track online transactions by logging into the internet banking portal anytime, anywhere.

· Remittance Request Email: As soon as the beneficiary initiates the remittance request, the remitter will immediately receive the wire transfer details through a system generated email.

Customers can access the ‘Smart Wire’ facility by logging into the internet banking platform.

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