SWIFT India begins domestic operations.
SWIFT India, the domestic arm of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has tied up with nine domestic banks to provide its electronic channel for messaging on transactions between banks.
So far, they provide services to banks for overseas transactions but now, they are expected to develop the same platform domestically by December.
“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,” M V Nair, chairman of the board, SWIFT India. He is also the former chairman of the Union Bank of India.
“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,” he said.
The State Bank of India, Bank of Baroda, Bank of India, Axis Bank, ICICI Bank, HDFC Bank, Punjab National Bank, Union Bank of India and Canara Bank have entered into the SWIFT Network in India.
SWIFT has currently 133 countries as its members.