Private sector lender Axis Bank on Tuesday said it 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 the 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 21, 2023.
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The 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.
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Satheesh Krishnamurthy, executive vice president and head of private, premium banking, and third-party products of Axis Bank said the bank has been a leader in cross-border payments and is committed to constantly improving the experience of customers.
Sanjeev Moghe, president and head of cards and payments of Axis Bank, said there is no doubt that this is a milestone moment for cross-border transfers.
