Axis Bank enables settlement of cross border transaction in real-time through the UPI network.
Axis Bank, India’s third largest private sector bank, has successfully enabled cross-border transactions in real-time via the UPI Network. This initiative is a part of the joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to develop cross-border payments between India and Singapore. The Unified Payments Interface (UPI) of India and PayNow of Singapore will be linked to enable faster and cost-efficient transfer of cross-border remittances. Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong virtually launched this cross-border connectivity on February 21st, 2023.
Axis Bank will act as the settlement bank for P2P foreign inward remittance transactions initiated through PayNow by the Liquid Group in Singapore. A remitter in Singapore using the mobile application of Liquid Group can now initiate a remittance by entering the UPI ID of the intended recipient in India. The partnership will allow users from both countries to make seamless money transfers. The transactions settled through the UPI PayNow network are available 24X7 on a real-time basis.
Currently, Axis Bank will settle these transactions to beneficiaries holding an account with or are registered on the UPI App of the six banks – SBI, IOB, Indian Bank, ICICI, DBS and Axis Bank.
Ms. Rina Penkar, Head – Product Development, NIPL, said, “We are delighted to collaborate with Axis Bank to offer a robust and simplified cross-border remittance experience using UPI. At NIPL, we aim to facilitate the establishment of new payment infrastructure around the world while enhancing the consumer experience. We are confident that this partnership will play an important role in driving our vision of scaling globally thereby taking India’s digital payment solutions to the world.”
Commenting on this milestone achievement, Satheesh Krishnamurthy, EVP & Head -Private, Premium Banking and Third Party Products, Axis Bank, said, “Axis Bank has been a leader in cross border payments and is committed to constantly improving the experience of customers. We are proud to have partnered with NPCI in this initiative, which has the potential to revolutionize international payments.”
Commenting on this milestone achievement, Sanjeev Moghe, President & Head Cards and Payments, Axis Bank, said, “There is no doubt that this is a milestone moment for cross border transfers. We all know how UPI revolutionized domestic payments and we are now going to see a similar revolution in the cross-border payments space as well.”