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ICICI Bank becomes the first Indian bank to adopt SWIFT’s gpi

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SWIFT announces today that ICICI Bank is the first bank in India to go live with its global payments innovation service. SWIFT gpi has been developed as a new standard for cross-border payments and significantly improves transparency and efficiency for all category of remitters. The service enables real-time payments tracking across correspondent banks. With ICICI Bank going live, corporates and other remitters in India will now have access to faster payments along with the facility to track the payments instructions across the correspondent banks globally. Kiran Shetty, Head of India and Subcontinents, SWIFT, said: “International trade is the backbone of globalisation and an imperative for India to grow. ICICI Bank is leading trade digitisation and committed to serve its clients with the best services. The biggest and the most powerful economies look for a trusted trading partner, and we know that SWIFT gpi will bring about that ease of doing business that will be highly beneficial to all corporates in the country. The new standard for cross-border payments, SWIFT gpi brings a new world to corporate treasurers by bringing together real-time payments tracking, transparency of fees and same-day settlement. Hundreds of thousands of gpi payments are already being sent daily over 220 international corridors and are being settled in minutes, and even seconds.” Vijay Chandok, Executive Director, ICICI Bank, said: “ICICI Bank is committed to consistently improve the transparency and overall client experience by driving innovation and leveraging technology. SWIFT gpi significantly enhances this experience in cross-border payments by delivering a totally new standard. We are very excited to be the first Bank in India to offer SWIFT gpi, a new generation cross-border payment service to our clients”. SWIFT gpi is also looking at adding new services to further improve cross-border payments. This includes a Stop and Recall Payment service that will allow banks to instantly stop a payment, at any point in the payment chain, for example in case of a fraud or when a duplicate payment has been sent erroneously.
posted Apr 6, 2018 by Sanjay Rawat

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BFC Bank, owned by BFC Group, is the latest bank to launch in the UK promising to act as a new, specialist bank that offers reliable, safe banking services to Small and Medium Enterprises (SME’s), Payments Service Providers (PSP’s) and Money Service Providers (MSP’s) that trade internationally.

BFC Bank

BFC Bank launches in UK as specialist provider to PSP’s and MSP’s

BFC Bank makes it clear that it has a 100-year history and is not a so-called Challenger Bank. Rather they have entered the market to service the 60% of SME businesses that make up the back bone of the UK market. The purpose of this entry is to advantage of the “De-risking” that many of the UK’s High Street banks implemented over the last few years.

In the process of De-risking the banks left many SME’s, PSP’s and MSP’s without accounts to provide their services from. Essentially these companies were notified that they had 3 months before their accounts were closed.

BFC Bank sees a massive opportunity to services these clients whom remain underserved by the banking industry through De-risking. “Banking is full of rules and regulations. It’s become too easy when banks have to deal with customers to hide behind these regulations rather than actually solving problems,” explains David Price, CEO, BFC Bank.

“We help small businesses find ways to solve problems. We’re a small business ourselves – we think like they do, and in many ways, we are one of them. We make it clear that we want people working for us who don’t just deal in platitudes, who don’t only speak about putting the customer first – we want to actually do that, to think about how I’d want things to go if it were my business. We don’t hide behind regulations. We are a human-centric, values-driven company.”

Working with SME’s – BFC Banks international payments services complement the existing banking arrangements. SME’s can enjoy an online services and support from experienced relation managers and expert payments teams

Working with PSP’s – BFC Bank knows how important it is for PSP’s to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to PSP’s.

Transparent FX – BFC Bank knows about FX charges. It provides clear information on tariffs. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers. International payments and FX are BFC’s core competencies.

“We’ve grown from a small business and therefore we have empathy with the small business sector. The UK is a trading nation where SMEs play a vital role and they needs banks that can understand them, made up of staff that can deliver,” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.

“We are secondary bankers – we have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationships management and customer service mechanisms are vital. Our people will come to visit you and get to understand your business. If we don’t deliver then people won’t use us, and we understand therefore that we always have to deliver.”

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ShopKeep has launched the Clover Mini, an all-in-one point-of-sale device that accepts EMV and mobile wallet transactions and includes a receipt printer. The announcement is the next step in the strategic relationship between ShopKeep and First Data since announcing an expansion to their partnership in February. It comes on the heels of a strategic investment by First Data in ShopKeep during the second half of 2017, according to a press release.

The Clover Mini is integrated with ShopKeep's software platform, providing a full customer facing display, semi-integrated payment processing, receipt printer and an on-screen flow for tipping and signatures all for about half the cost of buying a stand-alone EMV card reader and receipt printer, according to the release.

Clover Mini also offers customers the flexibility to connect to their network via Wi-Fi or Ethernet, enabling merchants to implement a wireless setup right at their checkout counters.

"ShopKeep is proud of this milestone and will continue driving access to industry leading POS technology for small businesses across the U.S. in a way that makes their businesses run easier and smarter, both from an operational and financial perspective. Our partnership with First Data is just one of the ways ShopKeep is achieving that objective," Michael DeSimone, ShopKeep CEO, said in the release.

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The more blockchain-based initiatives there are being released into the market, the more difficult it can be to understand which of those are the most interesting applications of the technology.

Essentially, every startup harnessing this powerful new technology aspires to transform the everyday world in some way or another. It’s only natural that some will be more successful at achieving this goal than others will be according to an article originally in investopedia.

Although these startups tend to publish detailed whitepapers, these documents are not always helpful to outside investors or to those not already intimately familiar with the blockchain world. Here are a few startups that may be worth special attention in 2018.


Smart contracts are a huge component of the cryptocurrency and blockchain space, and Agrello hopes to revolutionise them.

Agrello, an Estonian company, aims to combine artificial intelligence with legal documentation to bring smart contracts to people without extensive blockchain experience.

distributed ledger technology


Agrello’s interface allows users to easily create self-executing and legally binding smart contracts over the ethereum network, regardless of their level of programming experience or legal knowledge.


Microlending has already upended the way that individuals in underserved parts of the world are able to access the broader financial system, and Bloom hopes to take that concept even further with the idea of a decentralized, blockchain-based network.

Individuals who do not have access to credit cannot develop a credit reference; Bloom aims to utilize non-credit-based payment info to generate a new type of credit score called a Bloomscore. With this, individuals who may not previously have had access to loans and other traditional banking mechanisms may finally be able to reach those things.


The financial world has long been dominated by contracts of all types. With Everex, an untapped market of roughly 2 billion people around the world who lack access to standard financial institutions will now have the opportunity to utilize services like currency exchange, microfinance, and remittance.

Everex plans to do this by using a technology called “cryptocash,” which links up a cryptocurrency’s token value to a specified fiat currency. Users will be able to convert their local currency into cryptocash through the Everex platform, providing them access to a large global network of services.


The above startups, and indeed many of the blockchain-based companies hitting the market at this point, all focus on the financial world. One of the promising features of blockchain technology, however, is that it has applications outside of that space, too.

Selfkey, for example, is a startup that strives to address self-sovereign identity issues. In past decades, as a digital identities have become increasingly common and complex, complicated issues of ownership have arisen. Selfkey provides users and organizations the power to completely own their digital identity using blockchain technology. With Selfkey, a user can control numerous aspects of digital identity, from citizenship to banking and more, all in one place.

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                                                          VERIME AND MARITIME BANK

VeriMe is a Singaporean blockchain based verification-as-a-service platform that facilitates other organizations in easy and fast user authentication. The platform relies on the secure, high speed working of blockchain to give its clients a cheaper and unparalleled service, allowing them to concentrate on their core services and let VeriMe take care of the working behind the verification of customers or other services.

VeriME offers two types of services, namely D-KYC and D-Secure. D-KYC is a digital identity verification system that performs Know Your Customer background checks for institutions, requiring no hectic and tedious form filling and document submission. D-Secure is a payment authentication service designed form merchants and banks, allowing them to process customer requests with ease. D-Secure, like the KYC counterpart, does not require face to face meetings or heavy document filing.

Maritime Bank, as one of the largest banks in Vietnam, has a broad base of clients and handles a lot of transactions and new customers in a day. By partnering up with VeriMe, the bank’s user and payment verification system load is transferred to VeriMe. The quick services of VeriMe ensure that no matter how much the processing load from Maritime is, it can deliver the quickest of verification services. Maritime benefits a lot as verification time for its services will drop significantly.

Maritime Bank is not the first Vietnamese bank that has partnered with VeriMe. Previous partnerships with Military Bank and CFC exist, giving their combines 5,000,000 plus users an easy way to verify themselves and the online purchasing done by them.


VeriMe, as a blockchain platform, offers a many-fold increase in speed of verification of individuals and payment services by providing a cost effective, high level of data protection, document free and third party free system. Traditional procedures are slow and tedious, involving a lot of paperwork, inflexible rules, unsecure and money intensive. VeriMe does away with all the clutter and smoothes the experience.

VeriMe has already partnered with more than 30 organization around the world, providing services to more than 300,000 merchants and their respective consumers. The platform is in talks with ASEAN member country partners for expanding in other geographical locations.


The authentication and the verification process of the VeriMe platform is paid for through its its internal token, the VME. It has recently completed a successful token generation event with more than 106,500,000 VME grabbed by early investors. The event saw 1 ETH being traded for 3000 VME.

For more information about the Verification as a Service platform, visit their website