ICBC deploys Swift P2P cross border payments service

As it became known Monday, Industrial and Commercial Bank of China (ICBC) signed for a new remittance service from Swift to support cross-border person-to-person payments.

The new system is designed to enable banks to clear and settle these payments in a more efficient and transparent way, using its global network and standards.

ICBC intends to use Swift's Workers' Remittances 1.0 for its existing global P2P cross border payments in countries such as the US and South Africa. Implementing by ICBC such a service will let looking to expand its workers' remittance business. 

As Swift says the remittance market is huge, with over 200 million migrants initiate between one and 1.5 billion cross-border payments each year with industry revenue exceeds $15 billion annually. 

Six banks have already been certified for the Workers' Remittances live service and a further 24 are in implementation.