Barclays selects SWIFT India to reduce complexity and risk for its corporate clients
Mumbai, 8 January, 2016 – SWIFT India announced today that Barclays has selected it as a channel for payments, cash management, trade finance and treasury transactions for their corporate customers. Eleven banks in India have already selected SWIFT India and are currently under implementation.
Over 220 of Barclays’ corporates clients globally are already on SWIFT and the India partnership is expected to help corporates in India consolidate their positions through a standardised approach and automate their exchanges with the bank to efficiently reduce complexity and risk. By bringing global standards to the local market, Barclays and SWIFT India are confident that they will help corporates use bank agnostic channels.
Pushkaraj Gumaste, Managing Director and Head of Client Coverage, Corporate and Investment Banking, Barclays India, said: “Our endeavour has always been to constantly enhance the banking experience of our clients, making the whole process of every-day banking transactions as seamless and hassle-free as possible. . We are confident that providing a secure and resilient network such as SWIFT based on widely accepted messaging standards will give Barclays’ customers the tools they need to seamlessly manage transaction complexity in a multi bank environment. ”
Mr Eddie Haddad, Managing Director, SWIFT Asia Pacific, adds: “Barclays has substantial experience on SWIFT for corporates globally and we believe with the support of SWIFT India they will be very well placed to serve their corporate clients in India. We see a strong demand from local corporates to drive automation and reduce complexity and risk. SWIFT India’s deep integration and automation of the exchanges between the corporates and their banks, combined to the levels of resiliency and security SWIFT offers, make it the best choice to answer these growing needs.”
About SWIFT India
SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and (in alphabetical order) Axis Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India and Union Bank of India, to address domestic market needs of the Indian financial services industry. Based on proven SWIFT technology, the company provides messaging services to domestic market infrastructures, banks and corporates, enabling the financial community to exchange automated, standardised financial information securely and reliably, thereby reducing costs and risks, improving compliance and services to its customers.
SWIFT India’s mission is to support the community in the next wave of banking industry transformation. SWIFT has been operating in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Since 2005, SWIFT has opened three additional sales and support offices in Asia, bringing the total number of offices to nine across the region. This includes a Control Centre in Hong Kong and a new corporate services hub that opened in Kuala Lumpur in 2013.
For more information, please refer to our website www.swiftindia.org.in or contact
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
SWIFT has been operating in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Since 2005, SWIFT has opened three additional sales and support offices in Asia, bringing the total number of offices to nine across the region. This includes a Control Centre in Hong Kong and a new corporate services hub that opened in Kuala Lumpur in 2013.
For more information, please refer to our website www.swiftindia.org.in or contact:
+852 2107 8978