19 February 2018
visit www.ebaday.com

China's ICBC signs for Swift workers' remittance service

17 August 2009  |  4992 views  |  0 Chinese flag

Industrial and Commercial Bank of China (ICBC) has signed for a new remittance service from Swift to support cross-border person-to-person payments.

The bank will use Swift's Workers' Remittances 1.0 for its existing global P2P cross border payments in countries such as the US and South Africa.

With more than 17,000 domestic and overseas institutional clients, servicing 170 million individual customers, ICBC is also looking to expand its workers' remittance business with the service.

Mrs LiLi, deputy general manager, operation management department, ICBC, says: "ICBC would like to use Swift's Workers' Remittances 1.0 to extend our remittance business in the US and South Africa, Swift's Beijing office is now providing assistance to ICBC on locating pilot partners in these target regions and with pilot preparation."

Swift says the remittance market is huge, estimating over 200 million migrants initiate between one and 1.5 billion cross-border payments each year with industry revenue exceeds $15 billion annually.

The co-operative says its new system is designed to enable banks to clear and settle these payments in a more efficient and transparent way, using its global network and standards.

Following the completion of a pilot in April, six banks are now certified for the Workers' Remittances live service and a further 24 are in implementation.

"Banks active in the remittance market generally have tended to develop specific proprietary or bilateral services," says Michael Whyte, senior market manager, banks and low-value payments group, Swift. "While these are effective, they can be expensive, and that's why banks asked Swift to offer a solution that would not only bring scalability to bilateral bank services, but also support any type of retail banking payment while remaining commercially and brand neutral."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift relaxes corporate access rules

Swift relaxes corporate access rules

22 July 2009  |  8335 views  |  0 comments
Swift brings the curtain down on Sibos party

Swift brings the curtain down on Sibos party

19 March 2009  |  12460 views  |  0 comments
Recession to hit mobile remittance market - Juniper

Recession to hit mobile remittance market - Juniper

05 February 2009  |  6481 views  |  0 comments
ICBC launches China's first dual-interface Visa EMV card

ICBC launches China's first dual-interface Visa EMV card

17 July 2008  |  6719 views  |  0 comments
ICBC live with Teradata enterprise data warehouse

ICBC live with Teradata enterprise data warehouse

02 June 2008  |  4653 views  |  0 comments
Citi releases white label remittance platform

Citi releases white label remittance platform

07 February 2008  |  10433 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comvisit www.swift.com/your-needs/instant-paymentsvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11296 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
8853 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8743 views 10 comments | 22 tweets | 26 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8717 views comments | 15 tweets | 43 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job