Citi becomes the first global bank and an early adopter of the corporate-to-bank trade flows
Mumbai, 15 February 2018 – SWIFT India has announced that Reliance Industries is the first corporate to benefit from their innovative trade platform for domestic flows for corporates to banks. By using the SWIFT India channel for domestic trade, Reliance has set an example for how domestic trade flows can be enhanced. Doing this, they have inaugurated the pro-digital agenda of SWIFT. Trade digitisation through SWIFT will facilitate trade finance through technology-based messaging and legal industry standards.
Citi has been the first foreign bank to join the SWIFT India domestic messaging initiative and it has been an early adopter of the corporate-to-bank cash flows. Reliance, the highest ranked Indian firm in the Forbes Global 2000 list, has been at the forefront of digitisation of cross-border trade flows.
As Indian corporates lead the way to improve the ease of doing business with India, Reliance is leading the pack with trade digitisation, as they recognise domestic trade is traditionally paper-based and highly error-prone. SWIFT’s trade digitised innovation provides a single standardised communication channel to connect to all their financial partners, allowing for automation and digitisation across trade, payments, cash management and treasury. This will simplify the entire process, reduce the cost as well as cut on the duration by bringing end-to-end automation of trade flows. Through this association with SWIFT, Reliance has become the first corporate to adopt the SWIFT India domestic messaging as a channel to exchange Letters of Credit.
Mr. Kiran Shetty, Chief Executive Officer of SWIFT India, said: “It gives us immense pleasure to welcome Reliance to SWIFT India’s domestic trade innovation platform. For years, Reliance has been committed towards the digitisation of their trade flows. As SWIFT is delivering the new standard for domestic trade to boost seamless automation, we are certain that we will be successful in taking Reliance one step further towards their endeavour of leading with automated corporate-to-bank flows.”
Mr. Soumyo Dutta, Group Treasurer for Reliance Industries, said: “Reliance will continue to lead digitisation initiatives that guide businesses into a paperless, technology-enabled, bank agnostic ecosystem that enhance the ease of doing business, drive efficiency and lowers cost.”
Ms. Debopama Sen, Head of Treasury and Trade Solutions at Citi South Asia, said: “Citi is a pioneering bank in corporate-to-bank trade flows globally. In April last year, Citi India launched the first completely ‘paperless’ cross-border payment solution for corporates. We are delighted to be Reliance’s partner in this trade digitisation endeavour. The electronic advising of export Letters of Credit through SWIFT India will enhance the speed and reliability of the entire trade chain, improving the ease of doing business.”
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, Citi, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered 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 India since 1991.
For more information, please refer to our website www.swiftindia.org.in
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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