eBank Guarantees

GAIL goes live with Swift India's messaging platform for eBank Guarantees John Avent Digital CodePen - Night Witches Tribute page
A Polikarpov Po-2, the aircraft type used by the regiment

Sandeep Kumar Gupta, GAIL CMD .,Kiran Shetty, CEO, Swift India,R K Jain, Director (Finance), GAIL at a function on GAIL going live with Axis Bank for digitizing Bank Guarantees,

The regiment in 1942.

Members on the GAIL and Swift India staff

Critical community oroposition

eBG is a critical community proposition to automate the process to issue & consume Bank Guarantees digitally.

Highlights

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.




eBG is a critical community proposition to automate the process to issue & consume Bank Guarantees digitally.


By choosing to activate eBG 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.

eBG is a critical community proposition to automate the process to issue & consume Bank Guarantees digitally.

GAIL goes live with Swift India's messaging platform for eBank Guarantees
Thesynergyonline Corporate Bureau
MUMBAI/NEW DELHI , MAY 26 :



GAIL (India) and Swift India stated that, GAIL has gone live today with Axis Bank for digitizing 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.

eBG is a critical community proposition to automate the process to issue & consume Bank Guarantees digitally. By choosing to activate eBG 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.

GAIL goes live with Swift India's messaging platform for eBank Guarantees

Vision

Additionally, STP (straight through process) will allow quicker turnaround times than traditional paper-based methods.

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Our vision is to empower our employees to be focussed on business, providevalue 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.

Sandeep Kumar Gupta, GAIL CMD

e-Bank Guarantees by Swift India entails multiple benefits including improved processing with the corporates, multi-bank and multi-corporate solution, e-stamping, and fraud reduction by using GSTN network for invoice discounting. This solution allows instruments including issuance, amendments, invocation, and release of the bank guarantee.

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The entire end-to-end process of digitization of Bank Guarantee and Stand by Letter of Credit (SBLC), from issuance till it's invocation, will be a seamless process without any manual intervention.

R K Jain, Director (Finance), GAIL

Through eBGsSwift India is not only digitizing the finance ecosystem but is also pivotal in reducing frauds and inducing operational risk mitigation, decreasing the turnaround time of the transaction, eliminating the cost to environment through physical paper needs and easing business operations. Swift India will continue to work with other corporates in the country to support them through its digital solutions, that will help them realise their trade digitisation goals.