3 March 2016

SWIFT India goes live

The community comes together to celebrate at the go-live ceremony

Mumbai, 3 March 2016 – SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) celebrates today its go-live ceremony. SWIFT India is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and nine partner banks to address domestic market needs of the Indian financial services industry.

After receiving formal approval from the Reserve Bank of India in April 2015, the new service can now enable harmonised exchange of structured financial information between domestic participants in the domestic Indian community, while keeping the same level of resiliency and security that SWIFT offers at a global level.

The nation is making great strides in transitioning to a truly digital economy. The national communications infrastructure is one of the pillars on which the foundation of this growth and innovation is built. To support and strengthen this foundation, SWIFT is laying the financial rails on which the financial sector too will grow and innovate.

Mr. M. V. Nair, Chairman of SWIFT India, said: “SWIFT India is the perfect mix of world-class technology and local knowledge. Not only will the new service enable standardised financial information domestically, but it will also allow us to connect the world to India.”

Mr. Chandan Sinha, Executive Director, RBI said: “We strongly believe infrastructures are key to financial inclusion and sustainable growth. The messaging services of SWIFT India will support and strengthen the infrastructure for financial transactions in the country.”

Mr. Alain Raes, Chief Executive APAC and EMEA, SWIFT said: “We are excited to see the Reserve Bank of India now live on SWIFT India. Eleven banks already signed up and are live on the SWIFT India network. These banks are now able to exchange financial information domestically in a fast and secure manner. SWIFT is glad to be one of the early foreign direct investment (FDI) pioneers and make India our home.”

 

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


About SWIFT 
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:                                 

Xavier Duval
Senior Communications Manager, SWIFT
+852 2107 8978
xavier.duval@swift.com

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