Mahindra & Mahindra partners with Standard Chartered Bank to complete SWIFT domestic payment

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SWIFT will enable M&M to consolidate the banking connectivity, streamline communications, and create a more efficient payment environment. Going forward, the plan is also to leverage the same for trade and forex as well

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.”