M&M becomes first corporate to complete Swift domestic payment

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Mumbai, March 20 (IANS) Conglomerate Mahindra & Mahindra on Tuesday said that it has, in partnership with Standard Chartered Bank, become the first Indian corporate to successfully complete domestic payments via the “Swift India” platform.

According to the company, it 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,” the company said in a statement.

Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.

–IANS

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