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.”
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