SWIFT India selects Marketplace to act as Service Bureau
Published: Nov 10, 2017
By TIOLCORPLAWS News Service
MUMBAI, NOV 10, 2017: SWIFT India Domestic Services Pvt Ltd (SWIFT India) is a joint venture operating in India since 1991. Today SWIFT India announced that Marketplace Technologies Pvt. Ltd (Marketplace), a 100 % subsidiary of the Bombay Stock Exchange (BSE), will act as its Service Bureau for securities markets in India providing a standardised, cost-effective, robust and secured infrastructure to all market participants.
As the Indian regulators are encouraging the adoption of global messaging standards to bring operational efficiency in Indian securities market, the partnership with Marketplace is expected to provide easy access to industry players like asset management companies, broker dealers to connect to SWIFT India network which will help securities participants to automate and standardise their communication including areas but not limited to investment account management, fixed income trade settlement & trade reporting, investment funds subscription & redemption which will bring operational efficiency and reduce risk. Supporting asset management companies (AMC) with their investment cash management activities will be the first flows to go live in November and will be accessible to other securities participants like insurance companies, broker dealers, depositories and custodians.
SWIFT India has been created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citibank, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank, State Bank of India and Union Bank of India, to address domestic market needs of the Indian financial services industry.