From Left: Alain Raes, Chief Executive Officer, Asia Pacific, SWIFT, M V Nair, Chairman of the Board, SWIFT India, and Saqib Sheikh, Chief Executive Officer, SWIFT India announcing the launch of SWIFT India
India edition of global banking services coop, SWIFT, launched
Bangalore, March 7 2014 – An Indian edition of the global banking services cooperative SWIFT ( Society for Worldwide Interbank Financial Telecommunication ) has been opened. SWIFT India Domestic Services includes leading public and private banks: Axis Bank, Bank of India, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India and Union Bank of India.
It is expected to deploy domestic messaging services by the end of 2014. As most banks in India already have SWIFT connectivity or interfaces for cross-border messaging, they can reuse their SWIFT infrastructure for domestic messaging over SWIFT India, which allows individual banks and the financial community as a whole to significantly reduce complexity and costs. This also reduces systemic risks and improves service to bank customers and market infrastructures in India.
Says M V Nair, Chairman of the Board, SWIFT India: “The Indian financial services market is diverse and vibrant, growing at a steady pace towards the next wave of transformation. With such dynamic growth, India needs the robust world-class platform that SWIFT India will provide, and that’s why our institutions have come together to make it a reality. The combination of SWIFT’s global expertise in best-of-breed messaging systems and our deep understanding of the local market means that SWIFT India is well equipped to fully support the India of today and the India of tomorrow.”
Adds Alain Raes, Chief Executive Officer, Asia Pacific, SWIFT: “SWIFT and the Indian financial services community have enjoyed a long-standing trusted relationship for more than 20 years. Today’s milestone announcement further demonstrates our commitment to supporting the needs of the financial community in India, working hand-in-hand with market leaders to play a key role in the development of India’s financial services industry.”
SWIFT has been in Asia Pacific for more than 30 years, with eight commercial and support offices, as well as an Operational Central Control Centre and a new corporate services hub that opened in Kuala Lumpur in March 2013.