IBA strengthens ties with SWIFTAssociation to explore use of several solutionsPublished on 18 September 2008 | MV Nair, Chairman & Managing Director, Union Bank of India. Ian Johnston, Chief Executive, Asia Pacific, SWIFT. PK Gupta, Chairman & Managing Director, United Bank of India. together with the other leading members of the IBA | |
The Indian Bankers Association (IBA), already a member of the SWIFT user group, has announced its intention to form a closer relationship with SWIFT. The association is currently looking at adopting SWIFT’s Trade Services Utility (TSU), Remittances and Exceptions and Investigations solutions, which P. K. Gupta, deputy chairman and managing director of United Bank of India considers a cost-efficient option because it improves the reconciliation process at very little extra cost.
The IBA represents India’s national banking community, of which eight banks – Union Bank, IDBI, ICICI, Indian Overseas, Canara, Allahabad, Punjab National and Central Bank of India – are exhibiting at Sibos in the Indian Pavillion.
“From our point of view, it’s not so much about specific solutions – it’s more about how can we help Indian banks improve their efficiencies, reduce costs and providing the platform that, as India’s banking industry expands, will give them competitive edge in a global marketplace,” says Ian Johnston, Chief Executive, Asia Pacific, SWIFT. “There may also be things that Indian banks want we can’t offer in the future, and so look forward to partnering with them to develop new functionality.”
M. V. Nair, chairman and managing director of Union Bank adds: “In strengthening our partnership with SWIFT we are interested in what we can learn that can be passed on as benefits to our customers.
Sibos is the perfect place to start doing so. United Bank of India’s Gupta commented: “Networking here is a unique opportunity to exchange views with counterparts who are experts in their field.”
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