SWIFT India services will improve the safety and security of the Indian financial system
SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) today announces it has received approval from the Reserve Bank of India (“RBI”) to provide messaging services to India’s domestic financial markets.
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 reliably across payments, cash management, trade finance, corporate treasury and securities markets in India.
“This approval is a significant milestone for the community, which has worked hard to make the company and its services a reality.The RBI has shown great confidence in SWIFT India’s ability to provide critical financial services to banks, corporates and market infrastructures in the country. As financial literacy and penetration increases, and as masses enter the fold of the banking sector, there will be huge demand for such reliable and scalable solutions that bring safety to the system while driving down costs. We are honoured to be given this opportunity to serve our community.”
“SWIFT and the Indian financial community have enjoyed a long-standing trusted relationship for more than 23 years. As most banks in India already have SWIFT connectivity and interfaces for transacting with their overseas counterparties, RBI’s approval allows them to reuse their SWIFT infrastructure for domestic exchange. This will allow the local and international financial communities in India to further reduce complexity and costs and in-turn improve services to their customers.”
SWIFT India provides a common platform for exchange of highly secure and reliable standardised information on financial transactions, the consequence of which is safety and security of the entire eco-system, faster and more reliable transaction processing, dematerialisation of paper-documentation and further automation, and reduced costs across the industry.