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Swift Competes in Domestic Indian Market
October 30, 2012
Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the global financial messaging system for interbank transactions, is now competing for domestic business in the Indian market through a local joint venture.
The JV is between SWIFT and six local banks including major banks such as HDFC, "will service the high and low-value payment market infrastructures through localised systems, governance, oversight and Indian rupee billing."
Patrick de Courcy, head, markets and initiatives, Apac, Swift, says: "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."
to read more from Finextra.
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