International Funds Transfer Becomes Easier
At first, it was quite difficult to send money to your loved ones or relatives overseas. People living at different corners of the world need efficient and reliable international money transfer system so that there is no risk at all. Since technology is evolving and so is sending money to people across the world is in our hands now. Slowly the process of funds transfer across different parts of the world is becoming easier with the fact that more Indian banks are now allowing secure money transfer on an international platform.
Jurisdictions in countries like Australia and China, allow account-to-account transfers. In a meeting held with TOI, speaking to SWIFT’s head Alain Raes, discussions are going on that there will be funds transferring reviews for countries like Southeast Asia, Singapore, Malaysia and Indonesia that will be getting into a proof of concept soon.
SWIFT India is helping banks to actuate cross-border transfers so that money sent is more reliable. SWIFT is providing them with application programming interfaces (API) for all its products and services. The basic idea behind APIs is that the future of application programming is brighter than the traditional method of viewing economic transactions.
Just to help people in order to send money across the globe, banks in India took a deciison of imrovinbg that facility. By increasing more secure and reliable funds transfer internationally, APIs will be created which makes it easier to send money to your loved ones who are located at different locations around the world.