GAIL goes live with Swift India's messaging platform for e-Bank Guarantees

GAIL goes live with Swift India's messaging platform for e-Bank Guarantees

FPJ BureauUpdated: Saturday, May 27, 2023, 02:02 AM IST
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GAIL (India) Limited and Swift India announced that GAIL has gone live on Friday 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. e-BG is a critical community proposition to automate the process to issue and 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.

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