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Swift launches financial messaging platform in India

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Global financial information messaging platform Swift has launched a domestic service in a joint venture with the country’s top lenders.
“This is the first time in any market that we have formed a joint venture with local players and are offering a completely different platform,” Swift India Chief Executive Saqib Sheikh said.

The company provides solutions for the domestic market in many countries, but those are carried out using the platform used for international messaging and there is no exclusive platform like the one it has made now, he said.
Swift India will be having two data centers locally and plans to operationalize the service by end of the year, announced company. This will takes care of the concern of the local players, added Sheikh.

“The Swift platform will integrate the entire financial messaging requirements which a bank or a corporate may have including NEFT, RTGS etc,” he said, adding that Swift will not play the role of clearing and settlement.
Sheikh, however, did not disclose the investment going into the initiative or the location of the two data centers.

Swift has been serving the country’s financial institutions since December 1991 and currently handles up to three lakh transactions per day from the country.

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