Axis Bank is merging different digitisation initiatives by government bodies and service providers to extend an end-to-end service to business clients. The bank’s B2B (business-to-business) digitisation efforts are being supported by Swift — a cooperative of global banks that acts as an intermediary between banks and sets standards.

Besides digitising bank guarantees, Swift is helping the private lender digitise application forms for payment through Asian Clearing Union and other legal forms, required according to the Foreign Exchange Management Act. Swift is also working with the bank to test out the new environment for cross-border payments.
 
In businesses, we have seen two years of digitisation take place in two months after the pandemic. The pace of digitisation and adoption has been phenomenal,” said Axis Bank deputy MD Rajiv Anand.

“We are working with new digital services from providers like Swift to provide a comprehensive solution to clients. We also use the services for improving internal checks as well. For instance, we can check invoices with the GST network. It is about stitching all these services together to provide a better user experience,” said Anand.