M&M uses SWIFT platform for making payments in India
Published
Standard Chartered Bank has facilitated the first complete domestic payment through SWIFT India platform for Mahindra & Mahindra. The company had selected SWIFT to streamline and rationalize its banking channels using a single and standardized connectivity platform. The adoption of SWIFT India will bring in process efficiencies through the use of a single, bank agnostic platform and standardized payment formats for both global and domestic flows, while leveraging a platform that is known for its security, reliability and STP (Straight-Through Processing) capabilities. Zarin Daruwala, CEO, India, Standard Chartered Bank, said the bank has been working closely with Mahindra and Mahindra to take a lead on the company’s digitization journey. V.S. Parthasarathy, group CFO & group CIO and member of the Group Executive Board of Mahindra & Mahindra, said the company is happy to be the first Indian corporate to use the SWIFT platform for payments within India, in partnership with Standard Chartered Bank. The platform, he hoped, will enable the company to consolidate its banking connectivity, streamline communications, and create a more efficient payment environment. Going forward, the company hopes to leverage the same for trade and forex as well, he added.
