close

Smoother global trade: India to pitch an alternative to Swift at G20 meet

SWIFT allows global financial institutions to communicate with each other using a messaging network that is quick, accurate, and secure

BS Web Team New Delhi
SWIFT discloses cyber thefts, pressures banks on security

Listen to This Article

India will table an international banking transaction system similar to Swift at the G20 meet, The Economic Times (ET) has reported. This is expected to support paperless transactions for cross-border trade.
A government official told the newspaper that a system like this can add great value to global trade while also providing insights about the transactions to all stakeholders. The system will be based on an electronic bill of lading (a digital version of the traditional paper documents).

This will allow an easy flow of data and information across systems and applications being used in various countries. The official said that the Swift system facilitates communication for cross-border financial systems, and we need a similar mechanism to smoothen global trade.
The Society of Worldwide Interbank Financial Telecommunications (Swift) allows global financial institutions to communicate with each other using a messaging network that is quick, accurate, and secure. It is used to conduct cross-border financial transactions.

The whole endeavour is a push towards paperless cross-border transactions, which will be a big step in supporting global trade. It would ensure that shipping companies, the insurance sector, and banking entities have a single common interface. The government official quoted by ET said that the effort is to develop a template that is easy to adopt for any country.
When operational, the system is expected to significantly reduce transactional costs, which can act as a multiplier for global trade.

Also Read

UPI continues to dominate digital payments thanks to wide use of QR codes

What can India gain from the trade pact with Australia?

Centre to come up with a single trade body to promote exports: Report

Sebi proposes measures to curb mis-selling in alternate investment funds

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Latest LIVE: 'The Kerala Story' to be made tax-free in Uttar Pradesh

Amit Shah to visit Assam on May 26 to distribute appointment letters: Sarma

Assam to celebrate second anniversary of BJP govt from May 9-11: CM Sarma

Foundation laid for 400ft Hare Krishna Heritage Tower in Hyderabad

Odisha Guv seeks report from govt on power disruption at Prez event

First Published: May 09 2023 | 9:42 AM IST

Explore News