2nd Annual IBA & SWIFT Meeting : Co-operation in Common Challenges

Mumbai, 23 October 2015 – At the Sibos conference in Singapore this year the IBA and SWIFT India held its second annual meeting of senior members of the IBA delegation and SWIFT India officials.  The theme this year was the growth of the Indian banking industry and the role of the SWIFT technology in supporting scalable and secure exchange for financial transactions. SWIFT India and IBA regularly collaborate on standards and technology initiatives to bring international best practices and world class technology to Indias banking community.

The IBA chairman, Mr Ashwini Kumar, presided over the session this year. He discussed the challenges faced by the banks today in the form of multiple channels, connectivity to different sets of market infrastructures and multiple disparate connectivity used by banks. He stressed that SWIFT India channel can be an enabler and an opportunity for improvement in the Indian banking industry.

The IBA Chief Executive, Mr Tanksale, emphasized on the need to further collaborate on initiatives for digitization and automation of transactiosn in the banking community. He mentioned the role and the global expertise of SWIFT in supporting Indias requirements.

Mr Eddie Haddad, CEO SWIFT India, stated that SWIFT India is currently live with the 4 services, Next Gen RTGS, Corporate to Bank, Inter-bank trade, Inter-bank treasury. There are different connectivity options for connecting to SWIFT India channel and several top banks have already opted for the channel. With support from the IBA and the community we can further reduce complexity and costs, and help banks enabling new services to their Corporate customers.

The meeting concluded with an agreement to continue to work with one another on projects such as the NACH, adoption of SWIFT India based trade finance and SWIFT for Corporates.