Mahindra & Mahindra partners with Standard Chartered to become first corporate to complete SWIFT domestic payment
Posted on: 20/Mar/2018 5:36:30 PM
Mahindra & Mahindra Limited, in partnership with Standard Chartered Bank, has become the first Indian corporate to successfully complete domestic payments via the SWIFT India platform. Mahindra selected SWIFT to streamline and rationalise its banking channels using a single and standardised connectivity platform.
The adoption of SWIFT India will bring in process efficiencies through the use of a single, bank agnostic platform and standardised payment formats for both global and domestic flows, while leveraging a platform that is known for its security, reliability and STP (Straight-Through Processing) capabilities.
Zarin Daruwala, CEO, India, Standard Chartered Bank, said “At Standard Chartered Bank, our endeavour is to be at the forefront of cutting-edge banking technology and to be the digital bank of choice for our clients. In continuation of this, we have been working closely with Mahindra to take a lead on their digitisation journey and are pleased to partner with them on their new-age digital initiatives.”
VS Parthasarathy, Group CFO & Group CIO, Member of the Group Executive Board, Mahindra & Mahindra Limited, said, “Mahindra is proud to lead Corporate India’s Digital transformation by being the First Indian Corporate to use the SWIFT platform for payments within India, in partnership with Standard Chartered Bank. SWIFT will enable us to consolidate our banking connectivity, streamline communications, and create a more efficient payment environment. Going forward, we hope to leverage the same for trade and forex as well “
Sanjay Gurjar, Managing Director and Head, Transaction Banking (India and Nepal), Standard Chartered Bank, said, “We have been working with SWIFT across our markets and are pleased to announce that Mahindra is the first corporate to route domestic cash payments using their SWIFT India Infrastructure through Standard Chartered Bank. We have a long standing partnership with Mahindra and this development is an important milestone for all of us.”
Kiran Shetty, Chief Executive Officer, SWIFT India, said: “India is quickly moving toward a digital ecosystem and corporates such as Mahindra are leading the way by adopting the most recent technologies and standards. As the global and domestic payments landscape needs more than ever to be interconnected, we believe that the adoption of common standards and best practices is the key for multi-national corporations to be ready for the business challenges ahead of them. Standard Chartered Bank has been among the first adopters of this platform and is proactively working with its clients on establishing secured payment models”.
