SWIFT has announced that Industrial and Commercial Bank of China (ICBC), has signed up for its Workers’ Remittances 1.0 service, to support financial institutions cross-border person-to-person payments.
Reportedly, ICBC will use the solution for its existing global remittance business in countries such as the US and South Africa and plans for further expansion of its WR business.
The company has claimed that its Workers’ Remittances solution uses a common market practice rulebook, messaging standards and services as well as reference data.
Mrs. LiLi, deputy general manager & head of clearing center, operation management department at ICBC, said: “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 is a member-owned cooperative that provides the communications platform, products and services to connect over 8,500 banking organisations, securities institutions and corporate customers.
