Axis Bank is integrating various government and service provider digitization initiatives to provide an end-to-end service to business clients. Swift, a cooperative of global banks that acts as an intermediary between banks and sets standards, is supporting the bank's B2B (business to business) digitization efforts.
Retailing has always been a digital story. We saw two years of digitization in businesses in the two months following the pandemic. "The rate of digitisation and adoption has been phenomenal," said Rajiv Anand, deputy managing director of Axis Bank. He stated that even before the pandemic,regulators pushed for greater ease of doing business with the EDPMS/IDPMS (import/export data transforming and monitoring system). Among the many paperless corporate services is the bank guarantee, which is a collaborative effort with Swift.
Swift is also assisting the private lender in digitizing payment application forms via Asian Clearing Union and other legal forms required by the Foreign Exchange Management Act. Swift collaborates with the bank to test the new cross-border payment environment (ISO 20022). The new environment is an open standard that enables banks to automate cross-border transactions and provides rich data in an organized form that can be fed directly into the bank's systems.