30 March 2016

Latest SCORE enhancements and extensions

Following market feedback and demand from corporates and banks and in close collaboration with the Corporate Advisory Group (CAG), SWIFT has implemented a series of enhancements in SCORE.

1. Additional messages supported in SCORE

We have identified clear demand from Corporates to leverage SWIFT in support of message flows beyond their traditional cash and treasury businesses. The following additional messages are now supported in SCORE.

Foreign Exchange

  • Corporates can now exchange MT 321 with their Financial Institutions, for instructions to settle a third party loan/deposit
  • Corporates and Financial Institutions  can now initiate MT 370, for daily netted FX invoicing and settlement
Account Reporting
  • Corporates can request their Financial Institutions to send an interim balance report with MT 920
  • Financial Institutions can now also generate MT 950s for corporate customers, e.g. to facilitate sending statements on trust accounts

The use of these additional message flows will remain optional within SCORE. Financial Institutions will implement them if and when required in order to serve their corporate customers.

 

2. Facilitating statements between Banks and Corporates

Any Supervised Financial Institution connected to the SWIFT network can now send SWIFT MT 940 (End of day) and MT 942 (Intra-day) bank statements directly to their corporate customers through the secure SWIFT network.

Previously only banks registered in the SCORE service were able to use the SWIFT network to send statements to their corporate customers registered in SCORE. Now all banks connected to SWIFT, with the following abilities, can offer this service to corporate customers:

  • generate account reporting information in the correct format (MT 940 or MT 942);
  • deliver the information over the SWIFT network to Corporate customers subscribed in SCORE.

This enables Corporates on SCORE to request receiving account statement reporting through SWIFT from more than 9,000 Financial Institutions globally.