Citibank is first to enable SWIFT as a channel for India’s corporate treasurers
Mumbai, 17 November, 2015 – SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) and Citibank (“Citi”) today announced a project to enable SWIFT India as a channel for payments, cash management, trade finance and treasury transactions for Citi’s corporate customers. Using the SWIFT Alliance portfolio of products & services, Citi will go live with SWIFT India offerings by end-2015.
Citi is one of the leading implementers of SWIFT for Corporates globally, and this project paves the way for domestic and global corporate treasurers to reduce operational risks and streamline communications with banks in India. This complements Citi’s existing access solutions in India and further strengthens its comprehensive offering. Using CitiConnect®, Citi’s existing industry leading connectivity offering, Citi India already connects to over 150 institutional clients for automated transaction processing and reconciliation.
Citi Treasury and Trade Solutions (TTS) is an integral part of Citi's Institutional Clients group, serving public sector clients, corporates and financial institutions in over 120 countries. TTS' innovative solutions help clients streamline and automate processes, mitigate risk and expand their reach.
Debopama Sen, Head of Treasury & Trade Solutions, Citi India said, “We are constantly on the look out to provide our institutional clients with solutions that help better manage their working capital, financial position, supply chains worldwide and securities portfolios. SWIFT’s secure and resilient network capability combined with Citi’s unrivalled reach and local market knowledge is a perfect combination for our Corporate clients.”
SWIFT India is a joint venture between SWIFT, a secure global carrier of financial messages, and the premier public and private sector banks in India. Based on proven SWIFT technology, the company provides a domestic messaging platform to local market participants, enabling the financial community to exchange structured information securely and in a reliable manner.
SWIFT for Corporates enables treasurers to harmonise their disparate technologies and security mechanisms across their existing banking relationships. By using a single, reliable and secure channel for communication with all domestic and global banks, treasurers can operate their business with predictability and confidence.
Mr Eddie Haddad, Managing Director, SWIFT Asia Pacific, adds: “SWIFT is the channel of choice for more than 1400 corporate groups around the world, and we are excited to see our strong partnership with Citi lead the charge in India. There is significant demand from local corporates to drive automation and enable faster, more reliable bank transactions. SWIFT India offers deep integration and straight through processing from treasury systems of corporates to their banks. We are pleased to begin this journey with Citi.”
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