Enabling new bank services

Banks already provide a number of financial services over SWIFT. We are extending the value for corporate customers through a number of initiatives to provide new services over SWIFT.

Account reporting in ISO 20022

A single standard for payments, ISO 20022 helps corporates and banks improve automation of their payment and reconciliation processes. The SWIFT for corporates Standards MX Implementation Guide (Customer Credit Transfer Initiation and Payment Status Report) contains a set of best practices and recommendations on technical, operational and business rules and guidelines, valid for any payment type.

Coming soon: New Bank-to-Corporate account reporting messages are in the pipeline to complete the ISO 20022 circle.

Financial Institutions will have the possibility to provide more business context when reporting on an account. The corporate treasurer will receive enriched information, compared to the MT 940 and MT 942 messages in FIN

Schemas, samples and documentation for ISO 20022 messages can be downloaded from www.iso20022.org.

Bank account management

coming soon - to dematerialise the exchange of information related to the management (such as opening, maintaining and closing) of bank accounts, leading to faster availability, reduction of operational risk and easier compliance.

We encourage your active participation to help develop and adopt these services. Please contact us for more information.

 

SWIFT for Corporates Standards and SWIFTNet messaging Easy, low cost connectivity options, adapted to your needs