As the economy has slowly gained steam, many companies have expressed interest in more effectively managing their banking networks, Blair says. SWIFT for Corporates can be key to doing that. ###
Companies that considered SWIFT at one point but then refrained from moving forward may want to reconsider. Bob Blair, executive director with JPMorgan, identifies several enhancements to the service:
a) The Bank Readiness Certification Program: This “provides a registry so companies can see the level of a bank’s capabilities on SWIFT,” Blair says. According to information on the SWIFT website, a list of banks that meet the criteria will be published beginning in January 2011.
b) Standards development: The standards used within SWIFT continue to evolve, with the latest being ISO 20022. This is a universal financial industry message scheme Big Fat Finance, according to www.iso20022.org. The new standards are “more capable and complex Big Fat Finance,” Blair says. For instance, they can support mixed payables and have a global reach.
In 2010, through November, more than 3.6 billion messages had flowed back and forth through SWIFT’s systems, up about 7 percent from the same period in 2009. Payments made up nearly half the traffic, while securities accounted for 44 percent. While nearly two-thirds of its traffic came from Europe, the Mideast, and Africa, traffic from the Americas grew by 8.5 percent.
SWIFT, the acronym for the Society for Worldwide Interbank Financial Telecommunication, continues its penetration of the corporate marketplace. The number of corporate users topped 600 as of last year. SWIFT works with more than 9,000 banks, securities institutions, and corporate customers in 200-some countries to exchange millions of financial messages.
c) Connectivity options: If your firm lacks the resources to establish a direct connection with SWIFT, it has several options. SWIFT Alliance Lite is a browser-based solution, and often is used as a way to test the service before actually moving to SWIFT. In addition, organizations can work with a service bureau to connect to SWIFT, which reduces the upfront investment. (For more info, check out this earlier post.)
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