Nine to five

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the bank-owned cooperative supplying messaging services and interface software to over 5900 financial institutions in 159 countries.

It has had the benefit of active and constructive participation of Indian banks since 1991. Its global network carried 688 million messages in 1996; while the average daily value of payment messages on the network is estimated to be above US $ 2 trillion. Whew!

What’s new is that this December, SWIFT signed a business partner agreement with Indigo Technologies, a global consulting company.

Having been around for five years now, Indigo focuses on banking technology and advanced on-line trading systems. In addition to end-to-end Year 2000 solutions and services, it also undertakes on-site and offshore development, and has just launched its new GTM unit for treasury management services.

Commenting on the tie-up, SWIFT’s Michael King, Regional Director (Asia Pacific), says, "SWIFT views Indigo Technologies as its extended arm in India. This will enable member banks to get requisite service and support for all their activities."

This makes Indigo the representatives in India, providing marketing and sales services, interface implementation, help desk and market consultancy services — all at one point. In addition to its 3000 member banks, SWIFT users include brokers, investment managers, securities deposit, clearing organisations and stock exchanges.

SWIFT also provides, or is implementing, the network infrastructure for Real Time Gross Settlement (RTGS) systems in Australia, Belgium, Canada, France, Ireland, Norway and Spain. RTGS is the settlement of payments in real time on a gross basis across accounts at a central bank.

The (SWIFT) FIN-copy, a value-added message routing mechanism, also supports RTGS. The use of the network for transfer of domestic payments involves the same processes that apply to cross-border transactions.

More information on Indigo Technologies is a click of the mouse away, at indigotech.com. The company has another business unit called Secura Technologies, specialising in providing solutions for the fast expanding commerce industry.

Sashi Chimala, President and CEO, Indigo Technologies, has the last word: "Our association with SWIFT enhances our leadership in providing leading solutions and services to the banking and finance sectors in India."

That must be good news for the bankers at least, for things are sure to happen a lot more SWIFTly, from now on…