Joining SWIFT through SCORE
The Standardised Corporate Environment (SCORE) is based on a closed user group, administered by SWIFT, where corporates can interact with financial institutions.
SCORE model
To be eligible for SCORE, corporates must be listed on a regulated stock exchange of a country which is member of the Financial Action Task Force . Subsidiaries can also join SCORE if they are majority owned by an eligible company (i.e., listed in one of the FATF countries), duly incorporated, in good financial standing and subject to regular audits in accordance with internationally recognised accounting standards by an independent audit firm.
For companies listed in FATF countries and their subsidiaries, SCORE is the preferred participation framework to join SWIFT. It covers all corporates’ messaging needs for treasury, cash management and securities transactions (e.g., sending commercial and treasury payments, receiving statements, selling and buying securities).
In November 2009, the MT 103 and MT 950 message standards will be removed from SCORE. As of then, the MT 101 and the MT 940 will be the only valid MT message standards to give payment instructions and receive account reporting within SCORE. For those institutions that still use MT 103 and MT 950 in a corporate to bank environment, SWIFT has written an MT migration guide that facilitates the migration to MT 101 and MT 940.
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