Monday, October 20, 2014

Nine partner banks and eight new customers committed to using #SWIFT India’s domestic messaging services

SWIFT India Domestic Services (“SWIFT India”) announces that its shareholders and key foreign banks have agreed to enable the SWIFT India channel and use its domestic messaging services for the exchange of structured information across payments, cash management, trade finance, and corporate treasury markets.

At the customer signing ceremony, eight additional Indian and foreign banks showed their support to enable SWIFT India’s services, including (in alphabetical order) Barclays, BNP Paribas, Citibank, Corporation Bank, Deutsche Bank, HSBC, Kotak Mahindra Bank and Royal Bank of Scotland. The event is a signal to the broader community that top banks are in the process of enabling SWIFT India as a domestic messaging platform on the lines of its international counterpart.

SWIFT India will go live with its local SWIFTNet platform and domestic messaging services in January 2015. In the first wave, SWIFT India will provide comprehensive messaging services for the Next Generation RTGS, National ACH, interbank trade finance and treasury and corporate-to-bank payments and cash management, trade finance and treasury market segments.

M V Nair, Chairman of the Board, SWIFT India, says: “We are delighted to see that SWIFT India has received such a strong backing from the broader financial community. The Indian financial services market is extremely diverse and vibrant, and requires a robust world-class messaging platform like the SWIFTNet platform. We are confident that SWIFT India will work toward meeting the sector’s growing needs and support them for its next wave of transformation and growth.”

SWIFT India is a joint venture between SWIFT SCRL (Society for the Worldwide Interbank Financial Telecommunication) The company is an industry-led financial messaging service provider with the objective of reducing complexity and costs, and enabling new and improved financial services to the Indian community.