- SWIFT Clarifies Misleading Information Regarding SEPA Message Data Disclosures
SWIFT Clarifies Misleading Information Regarding SEPA Message Data Disclosures
La Hulpe, 2 February 2011
SWIFT, the financial messaging provider for more than 9,500 financial institutions and corporations in 209 countries, would like to clarify some misleading information reported in various media on February 1, 2011.
SEPA messaging data has been explicitly excluded from the E.U.-U.S. agreement on the Terrorist Finance Tracking Program (TFTP), under which the E.U.authorities provide access under strict conditions to specific categories of payments data to U.S. authorities for terrorist finance tracking purposes. SEPA messaging data is not included in this data and is not subject to U.S. subpoena.
If banks decide to use SWIFT as a messaging provider for conveying SEPA-related messages, these SEPA payment messages are sent over a different SWIFT file-transfer service. They are not archived by SWIFT and, therefore, cannot be retrieved.
While SWIFT is not involved in the E.U.-U.S. political discussions regarding the TFTP, it is closely monitoring the issue. SWIFT abides by the law and regulations of the countries in which it operates. Protecting customer data is and will remain at the core of SWIFT’s business. SWIFT operates to the highest safety and resiliency standards and, relying on proven technology including FIN (its core store-and-forward messaging service), achieves 99.999 percent availability.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,500 banking organisations, securities institutions and corporate customers in 209 countries. 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.
For more information, please refer to our website www.swift.com or contact:
+32 2 655 3205