Citibank and Standard Chartered Bank are the two first global banks to join the initiative
Mumbai, 26th September 2017. SWIFT announces today that Citibank and Standard Chartered Bank have joined SWIFT India Domestic Services Private Limited (“SWIFT India”) as shareholders. SWIFT India was formed in 2012 as a joint venture of SWIFT SCRL and nine banks in India, for the domestic financial community and by the community. SWIFT India opened for a second capital call that was oversubscribed, with Citibank and Standard Chartered Bank showing keenness to be a part of the initiative.
The shareholders of SWIFT India currently comprise (in alphabetical order): Axis Bank Ltd, Bank of Baroda, Bank of India, Canara Bank, Citibank, HDFC Bank Ltd, ICICI Bank Ltd, Punjab National Bank, Standard Chartered Bank, State Bank of India, SWIFT SCRL and Union Bank of India. The shareholders of SWIFT India bring the insights and knowledge of domestic customers and users of the services of SWIFT India. They represent their own institutions and the interests of the broader Indian financial community, which includes domestic banks, market infrastructures and their respective customers.
On the occasion of forging this partnership, Debopama Sen, South Asia Head for Treasury and Trade Solutions, Citibank, said: “Citi has had a long standing global association with SWIFT, which now extends to this strategic partnership in SWIFT India. Our focus at Citi is to support the growth of the digital ecosystem that is taking shape in India with our global experience. This association will help enable efficiencies in managing Corporate-to-Bank digital flows in India on a secure and robust platform.”
Sanjay Gurjar, Managing Director & Head, Transaction Banking for India and Nepal, Standard Chartered Bank said: “At Standard Chartered, we continue to promote digitisation and innovation for our clients. Given our long association with SWIFT across markets, SWIFT India's Corporate to Bank connectivity was a logical extension of our endeavour to help clients automate and digitise flows, whilst gaining efficiency through standardisation and process automation."
Kiran Shetty, Chief Executive Officer, SWIFT India said: “We are committed to support the ambitious digitisation agenda of India and are delighted to welcome equity participation from Citibank and Standard Chartered bank to our existing pool of shareholders. This further reinforces the trust & commitment of the Indian financial community in SWIFT India, to accelerate digitisation of domestic information flows & financial messages of the world class standards".
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, Citibank, 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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