Citi to offer Swift's services to Indian firms

Citigroup today said it has become the first entity to use global financial messaging platform Swift services in the domestic market.

Under the pact, Swift India Domestic Services will act as a channel for payments, cash management, trade finance and treasury transactions for Citi's corporate customers, the Citigroup said in a statement.

By using the service, corporate treasurers will be able to reduce operational risks and streamline communications with banks in the country, it said.

At present, Citi connects to over 150 institutional clients in the country for automated transaction processing and reconciliation, it added.

Using Swift, corporate treasurers can use a single channel for communication with all domestic and global banks, the statement said.

Swift, a global cooperative, which has a presence in over 200 countries, had launched a joint venture to serve clients for their domestic transactions in 2014.

In a first for Swift, it has partnered with local lenders like 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.