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, HDFC Bank, ICICI Bank, Punjab National 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. Over 220 of Barclays’ corporates clients globally are already on SWIFT and the India partnership is expected to help corporates in India consolidate their positions through a standardised approach and automate their exchanges with the bank to efficiently reduce complexity and risk. By bringing global standards to the local market, Barclays and SWIFT India are confident that they will help corporates use bank agnostic channels.
January 27, 2016