Making your business case
Making your business case to join SWIFT involves determining what for you and your organisation are the most pressing business needs and treasury challenges that could be addressed using SWIFT.
Besides costs and benefits that can be quantified, there may actually be a set of additional benefits, - may be harder to quantify - that could actually be key drivers for your project. For instance security (avoidance of fraud, less manual errors), compliance (less control points, less documentation), and improved control over the payment initiation process are typical benefits that lead corporates to consider SWIFT.
In addition, there are costs and benefits that can be quantified. Typically, corporates that joined SWIFT achieved a 200% to 300% return on investment. Click here to see those case studies.
Costs:
SWIFT costs, for registration, connectivity and messaging;
Non-SWIFT costs, for project management, operations and application integration.
Benefits:
Operational benefits, like costs reduction from rationalisation of multiple bank messaging systems and reduction in staff costs (reduction, re-allocation or growth avoidance) from improved automation, improved resilience;
Financial benefits, from working capital optimization and growth avoidance thanks to better visibility on global cash, transaction processing efficiencies or e.g. additional interest earned on payments released later.
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