Nov 10: Mumbai-based SWIFT India Domestic Services Pvt Ltd on Friday 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 standardized, cost-effective, robust and secured infrastructure to all market participants.
“As the Indian regulators are encouraging the adoption of global messaging standards like ISO 20022 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 standardize 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,” SWIFT India said in a statement.
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.
Ashishkumar Chauhan, Chief Executive Officer, BSE, said: “BSE is a strong advocate of standardisation and message harmonisation. We are delighted to see Marketplace partnering with SWIFT to provide a cost-effective solution for our market participants to connect to BSE in a secure, resilient and standardised way“.
According to Kiran Shetty, Chief Executive Office, SWIFT India, “partnering with Marketplace and leveraging their leading position in the field reconfirms our commitment to drive consistent adoption of international standards and best practices in India. A harmonised approach and a consistent collaboration across the market will bring increased operational efficiency to the industry.
Incorporated in 1991, SWIFT India Domestic Services Pvt Ltd 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, 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. SWIFT India’s mission is to support the community in the next wave of banking industry transformation.