International financial transaction messaging platform SWIFT has announced its expansion into the Indian domestic market following a partnership among six of SWIFT participant banks.
The first goal of the partnership is to provide a messaging service for the Reserve Bank of India. The joint venture will also develop solutions to serve the high-value and low-value Indian payment industry and trade by developing a local system of infrastructure and governance, as well as using Rupee billing.
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Patrick de Courcy, head of markets and initiatives for SWIFT Asia Pacific, said: "To fulfil 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."
India is the first domestic market SWIFT taps into, but it said this is the first step towards the expansion in other emerging economies in the future. "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," said de Courcy.
SWIFT currently provides a platform for data transmission to over 8,300 financial institutions in 200 countries.
More than 70% of its messaging activities, offered through SWIFT FIN, FileAct and InterAct services, happen in the EMEA region, according to data from September 2012.
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