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SWIFT Expands to India’s Domestic Market

October 30, 2012 - New Delhi, Delhi, India

SWIFT today announced that six of its partner banks have signed the shareholder’s agreement to establish a joint venture that will address domestic market needs of the Indian financial services industry. The new company will service the high and low-value payment market infrastructures, trade and other domestic markets through localised infrastructure, governance, oversight and Indian rupee billing.

SWIFT is committed to providing world-class financial infrastructure for the Asia Pacific region. In India, this domestic messaging system will allow individual banks and the financial community as a whole to significantly reduce complexity, risks and costs, while improving service to bank customers.

The new JV is another significant milestone as SWIFT continues to work towards its Asia Pacific 2015 strategic goal of providing services to the domestic Indian market as part of a local entity co-owned by its Indian bank members.

Patrick de Courcy, Head of Markets and Initiatives, Asia Pacific, says: “SWIFT’s aspirations are always to provide the financial community with reliable, secure and scalable messaging services via standard and proven SWIFT technology. To fulfill our core mission in the fast-emerging market in India, we have tailored our solutions to local needs, and this joint venture is a significant milestone to serving the domestic market in India.”

“We believe that this JV opens new possibilities for SWIFT in our core business - not just for India, but for other domestic markets around the world.”

Bhavesh Zaveri, Country Head Operations & Head of Cash Management Products, HDFC Bank, India and a member of the SWIFT Board, agrees: “The India JV is the first ever by SWIFT. The present agreement is culmination of strong support from the SWIFT Board, lot of hard work by the SWIFT team, support and endorsement by the Reserve Bank of India and participation by large banks in India. I am optimistic and I look forward to rollout of domestic SWIFT secure financial messaging services in India."

Shishir Srivastava, Head of Messaging Solutions adds, “While we envisage that the new company will offer services across many domestic markets, our immediate goal is to provide the messaging service for the Reserve Bank of India’s new RTGS. We have already developed the design and implementation plan for how we will provide this.”

In the coming months, SWIFT will continue to work closely with its Indian partner banks and engage with the Reserve Bank of India on this important initiative.

“It is only the beginning, but it is a great start. Building on a strong partnership with our Indian community we will service domestic markets with shared commitment and risks, and strive to deliver world-class messaging services with the same high quality our customers have come to expect from us,” says Saqib Sheikh, Initiative Director for SWIFT for India.

About Sibos

Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry. Facilitated and organised by SWIFT for the SWIFT community, Sibos is much more than a conference and exhibition. It is a unique forum to collaborate and take collective action in payments, securities, cash management and trade. With the power to draw some 7,000 participants from across the globe, Sibos is unparalleled in its reputation to reach the entire financial services industry.


SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

Source: Business Wire India


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