Standard Chartered Bank, CCIL IFSC Ltd, and the International Financial Services Centres Authority (IFSCA) will launch a platform for real-time settlement of US dollar-denominated trades in GIFT City in Gandhinagar, Gujarat, early next month.

Standard Chartered Bank is the sole partner for the platform. CCIL IFSC Ltd is a subsidiary company of the Clearing Corporation of India Ltd (CCIL) set up in GIFT City to act as a payment system operator (PSO) for the foreign currency settlement system (FCSS). The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres.

“Amongst banks in GIFT City, there is a clearing mechanism that is being set up by CCIL, which will allow (r

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