GAIL goes live with Swift India for digitising bank guarantees
Mumbai/Delhi: GAIL (India) Limited and Swift India announced that, GAIL has gone live on Friday with Axis Bank for digitising bank guarantees, making GAIL the first Indian corporate to adopt the solution that will enable secure, transparent, and seamless transactions.
GAIL is India’s leading natural gas company while Swift India is a joint venture between leading 11 banks in India and SWIFT SC, the global messaging service provider.
Electronic-Bank Guarantee (e-BG) is a critical community proposition to automate the process to issue & consume Bank Guarantees digitally.
By choosing to activate e-BG through Swift India’s platform, GAIL will now have ISO based messaging standards for issuance, amendment and invocation of e-BGs in a seamless and secure way.
Additionally, STP (straight through process) will allow quicker turnaround times than traditional paper-based methods.
On becoming the first Indian corporate to implement this end-to-end facility, Sandeep Kumar Gupta, Chairman & Managing Director, GAIL, said, “Our vision is to empower our employees to be focussed on business, provide value addition for our customers, and adopt technology to ensure processes that protect our systems from fraud, with no manual intervention. GAIL constantly strives to ensure that capabilities built are with a long-term vision.”