“International trade is the backbone of globalisation and an imperative for India to grow,” Swift’s head for Indian subcontinent, Kiran Shetty, said in a statement. The statement said the newly launched service will help all the corporates in the country. The service enables real-time payments tracking across correspondent banks and has a facility to track the payments instructions across the correspondent banks globally, it said.

The cooperative is also looking to add features to it, including an ability to stop and recall payment in case of a fraud or when a duplicate payment has been sent erroneously. Shetty said the powerful economies look for a trusted trading partner, and claimed the new service ‘Swift gpi’ will help in ease of doing business.

He added “hundreds of thousands” of gpi (global payments innovation) payments are already being sent daily and being settled in minutes, and even seconds. ICICI Bank’s executive director Vijay Chandok said it is committed to improve transparency and the new service helps it deliver a totally new standard.