Global financial messaging services provider SWIFT has expanded to Mexico and is launching an office in the capital, Mexico City. Analysts say SWIFT plans to cash in on Mexico’s expanding economy; its expansion follows reports of a 15% rise in financial messaging in the North American country last year.
SWIFT said in a statement that Ruben Galindo will be in charge of operations in Mexico City. Galindo, who previously held the regional product head position at HSBC Latin America, joined SWIFT in May. He will report to Jairo Namur, SWIFT’s regional manager for Latin America.
“The opening of the new office is a significant milestone for our Latin American business. We now have a stronger physical presence in the region to support our strategic initiatives and to meet the growing needs of our customers and the industry,” said Chris Church, Chief Executive of SWIFT Americas.
To coincide with the opening of the new office, SWIFT is hosting its Latin America Regional Conference in Mexico City on May 28 and 29.
Based in La Hulpe, Belgium, SWIFT provides a network that enables financial institutions to send and receive information about financial transactions in a secure environment.
SWIFT has partnerships with more than 10,000 banking organizations, securities institutions and corporate customers in 212 countries and territories.
Formerly known as the Society for Worldwide Interbank Financial Telecommunications, SWIFT was launched 40 years ago as an association of mostly European banks. The network does not transfer funds but enables member banks to send secure instructions instantaneously to the corresponding banks to make payments.