SWIFT India has rolled out services in the country to provide what it has described as a harmonized exchange of structured financial information between banks, the Reserve Bank of India, stock exchanges, clearing houses, corporations and their customers. At a formal function in Mumbai, Alian Raes, chief executive (APAC and EMEA), SWIFT, said eleven banks in India have already signed up and are live on the SWIFT India network and they are now able to exchange financial information domestically in a fast and secure manner. The company offers services such as messaging for high- and low-value domestic payment settlements, inter-bank trade finance and treasury, and corporate to bank payments.
Chandan Sinha, ED, RBI, who was present at the function, said infrastructures are key to financial inclusion and sustainable growth and the messaging services of SWIFT India will support and strengthen the infrastructure for financial transactions in the country.
M.V. Nair, chairman, SWIFT India, said new banks, such as Bandhan Bank and IDFC Bank, have joined the network. Tata Consultancy Services will shortly be joining the network, he added. M.V. Tanksale, chief executive, Indian Banks’ Association, said the harmonized exchange of structured financial information relating to letters of credit and bank guarantees can help prevent frauds.
SWIFT India Domestic Services 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.
