Corporate Matters

SWIFT By-laws, Corporate Rules, User Categories, Membership Validation Process.
Information for Vendors, Customers and interested parties

Information for Vendors, Customers and interested parties

IMPORTANT INFORMATION FOR PROCUREMENT, COMPLIANCE AND OTHER INTERESTED PERSONS

Basic information about SWIFT

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

SWIFT is a cooperative society under Belgian law, with headquarters in Belgium. Additionally, SWIFT maintains offices (through branches or subsidiaries) around the world, including in all major financial centres. SWIFT was founded in 1973. SWIFT is owned and controlled by its members, the regulated financial institutions that use SWIFT and are eligible to hold shares in SWIFT. While SWIFT is neither a payment nor a settlement system and, as such, is not regulated by central banks or financial supervisors, a large and growing number of systemically important payment systems have become dependent on SWIFT. As a result, the central banks of the Group of Ten countries (G-10) agreed that SWIFT should be subject to cooperative oversight by their central banks. For more information on SWIFT oversight, please consult the oversight page on swift.com.

SWIFT provides its services and products to users around the world on the basis of a common contractual framework, using the standard contractual documentation that has been formulated in consultation with SWIFT’s users. Due to the large number of SWIFT users around the world, we are unable to respond to individual requests for customised vendor packages, agreements, certifications and/or questionnaires. It is SWIFT’s policy not to engage in individual commitments, or provide individual certifications, representations or legal statements.

While it is our policy to treat all customers equally and not to engage in customised or “one-off” agreements or arrangements, we recognise users may have legitimate requests for information to satisfy their “know your customer” obligations, as well as enquiries about SWIFT’s reliability, confidentiality, information security and the professional conduct of SWIFT’s employees and staff, when doing business with your organisation. We do our utmost to address these concerns by making relevant information available to our users - for example, through our most recent audited financial statements and our security audit statement (issued pursuant to ISAE 3402).

More about SWIFT governance, shareholders and oversight

For more information about SWIFT’s governance (including the composition of the Board of Directors and the types of Board committees) please consult the most recent Annual Review and the dedicated pages on swift.com.
Please note that we are unable to provide copies of Board Directors’ or our management team’s passports or other personal identification documents.

SWIFT does not provide the identity of its shareholders. In order to become a SWIFT shareholder, an organisation must be a supervised financial institution. The level of share ownership is determined by a SWIFT user’s financial contribution to messaging services. SWIFT confirms that no shareholder holds more than 5% of its issued and outstanding shares.

Financial information about SWIFT

The SWIFT Annual Review is available on swift.com.

Information security and confidentiality

SWIFT understands the sensitivity surrounding information security and confidentiality. We also understand that our customers must be responsive to the concerns of their regulators and their own customers regarding these issues. SWIFT’s basic financial messaging service is subject to the SWIFT General Terms and Conditions, which set out mutual confidentiality obligations, which SWIFT and its users agree to. In addition, SWIFT’s Data Protection Policies set out SWIFT’s policies and procedures for handling traffic and message data sent over SWIFT, as well as other pertinent information. Another source of information about the controls and safeguards SWIFT has instituted to protect our customers’ confidential data can be found in our latest Security Audit Statement. Our most recent report has been prepared in accordance with ISAE 3402 and is audited by an internationally recognised auditing firm. The ISAE 3402 Report is available to our users and other interested parties, subject to strict access criteria.

Disaster recovery and business continuity

Given SWIFT’s role in the global financial system, disaster recovery and business continuity planning are operational priorities for us. Our policies and procedures in this area are confidential and cannot be shared with our users SWIFT’s ISAE 3402 Report, however, covers the controls we have in place. For more information on SWIFT’s approach to disaster recovery and business continuity planning, please consult the ISAE 3402 Report.

Anti-bribery, anti-discrimination, social responsibility and employee conduct

SWIFT requires all employees to subscribe to a Code of Conduct that SWIFT reviews and revises from time to time. SWIFT’s company-wide Anti-Bribery and Anti-Corruption Policy aims to ensure that our employees conform to the applicable anti-bribery and corruption practices and laws that are in effect in the jurisdictions in which SWIFT has offices and operations. SWIFT is unable to share these policies externally.

SWIFT is committed to equal opportunities for all its employees, regardless of sex, age, race, colour, ethnic origin or country of citizenship, disability, marital status, or religion. Our aim is to recruit, retain and develop the best people for the job, based solely on their abilities. In October 2012, SWIFT became a signatory to the United Nations Global Compact, a strategic policy initiative coordinating companies to align their business strategies and day-to-day operations with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. For more information, please refer to our dedicated webpage.

Depending on the local laws of the jurisdiction in which our employees are located, SWIFT and its subsidiaries administer background checks on prospective employees and/or test prospective employees for controlled substances. These checks and tests are carried out on or about the date of hire. The results of these checks and tests are part of the employee’s HR files and SWIFT is unable to share these with external parties.

Insurance coverage

In the normal course of business, SWIFT does not provide third parties with the details of its insurance coverage, and SWIFT does not include third parties under its insurance coverage. SWIFT regularly assesses the types and levels of insurance coverage on its assets, operations and business, and is confident that it carries appropriate property and liability insurance. Additionally, SWIFT carries employee compensation and similar types of insurance, to the extent statutorily mandated in the jurisdictions in which SWIFT has offices and operations.

Practical information to register us as a supplier

Company name S.W.I.F.T. SCRL

Address Avenue Adèle, 1 at 1310 La Hulpe - Belgium

Date of incorporation 3-May-73

Place of incorporation Belgium (Nivelles)

Registration number 0413.330.856

Legal structure/type of company (cooperative company with) limited liability

Finance info :

VAT/tax number BE.0413.330.856

Payment terms 30 days