Citi India is the first to enable SWIFT as a channel for India’s corporate treasurers
Citi is a leading supporter of SWIFT for Manners, recognising the importance of efficiency and flexibility in corporate access.
Mumbai, 23 November, 2015 - SWIFT India Domestic Services Pvt Ltd ("SWIFT India") and Citi India today announced a project to enable SWIFT India as a channel for payments, cash management, trade finance and treasury transactions for Citi's corporate customers. Using the SWIFT Alliance portfolio of products & services, Citi will go live with SWIFT India offerings by end-2015.
Citi is one of the leading implementers of SWIFT for Manners globally, and this project paves the way for domestic and global corporate treasurers to reduce operational risks and streamline communications with banks in India. This complements Citi's existing access solutions in India and further strengthens its comprehensive offering. Using CitiConnect®, Citi's existing industry leading connectivity offering, Citi India already connects to over 150 institutional clients for automated transaction processing and reconciliation.
Citi Treasury and Trade Solutions (TTS) is an integral part of Citi's Institutional Clients group, serving public sector clients, corporates and financial institutions in over 120 countries. TTS' innovative solutions help clients streamline and automate processes, mitigate risk and expand their reach.
Debopama Sen, Head of Treasury & Trade Solutions, Citi India said, "We are constantly on the look out to provide our institutional clients with solutions that help better manage their working capital, financial position, supply chains worldwide and securities portfolios. SWIFT's secure and resilient network capability combined with Citi's unrivalled reach and local market knowledge is a perfect combination for our Corporate clients."
SWIFT India is a joint venture between SWIFT, a secure global carrier of financial messages, and the premier public and private sector banks in India. Based on proven SWIFT technology, the company provides a domestic messaging platform to local market participants, enabling the financial community to exchange structured information securely and in a reliable manner.
SWIFT for Manners enables treasurers to harmonise their disparate technologies and security mechanisms across their existing banking relationships. By using a single, reliable and secure channel for communication with all domestic and global banks, treasurers can operate their business with predictability and confidence.
Mr Eddie Haddad, Managing Director, SWIFT Asia Pacific, adds: "SWIFT is the channel of choice for more than 1400 corporate groups around the world, and we are excited to see our strong partnership with Citi lead the charge in India. There is significant demand from local corporates to drive automation and enable faster, more reliable bank transactions. SWIFT India offers deep integration and straight through processing from treasury systems of corporates to their banks. We are pleased to begin this journey with Citi."
About SWIFT India
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.
SWIFT India's mission is to support the community in the next wave of banking industry transformation. SWIFT has been operating in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Since 2005, SWIFT has opened three additional sales and support offices in Asia, bringing the total number of offices to nine across the region. This includes a Control Centre in Hong Kong and a new corporate services hub that opened in Kuala Lumpur in 2013.
For more information, please refer to our website or contact
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 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.
SWIFT has been operating in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Since 2005, SWIFT has opened three additional sales and support offices in Asia, bringing the total number of offices to nine across the region. This includes a Control Centre in Hong Kong and a new corporate services hub that opened in Kuala Lumpur in 2013.
For more information, please refer to our website or contact:
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Citi India:
Committed to India for over 110 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi's presence in India spans 45 branches across 28 cities. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinanc e, Enterprise Development, and Youth, Education & Livelihoods.
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