SWIFT helps Filipino corporates optimise and improve financial operations through standardisation and market practices for domestic financial transactions
Manila, 19 January 2016 – SWIFT announces the Philippines Corporate-To-Bank (C2B) Initiative to improve financial operations for corporates in the Philippines. Through this initiative, Filipino corporates will strive for greater automation and standardisation in their communications with banks in the following areas:
- Consolidated cash visibility
- Auto-reconciliation of bank statements
- Standardised payment formats supporting ERP systems
- Digital confirmation of treasury transactions (FX and Money Markets)
- Have a single platform of communication with multiple banking partners
Alain Raes, Chief Executive Asia Pacific and EMEA at SWIFT said: "Corporates are increasingly leveraging SWIFT in Asia Pacific when it comes to communicating with their banks. SWIFT’s single platform enables communications to all their banks coupled with existent well-defined international standards. We have noticed a growing demand from the corporate community to align the communication standards with banks in the domestic Filipino market. With the C2B initiative, SWIFT will take the lead in defining local market practices for corporates and banks. Especially with the establishment of the ASEAN Economic Community at the end of 2015; we believe this initiative will drive efficiencies and support the vibrant Filipino economy.”
The Philippines C2B Initiative provides a forum for financial institutions and corporates to progress various corporate-to-bank implementation topics on the use of agreed common standards and market practices, from a global industry standards viewpoint as well as domestic requirements for the Philippines. The goal of C2B Initiative is to simplify implementation for corporate users and, thereby, promote wider acceptance of ISO 20022 as the common standard used between corporates and banks. Other elements of the initiative include corporates use of the MT940 for bank statements, MT101 for payments, MT300 for FX confirmations and MT320 for Money Market confirmations.
The mission of the Philippines C2B Initiative group will be achieved through consultation, collaboration and agreement on common implementation rulebooks for relevant ISO 20022 and other financial messages, leading to their subsequent publication and promotion in order to attain widespread recognition and adoption with all banking partners.
About SWIFT for Corporates
SWIFT for Corporates offers a wide and growing range of products and services for multi-banked corporates to connect with banks and financial institutions through a single, secure and reliable channel. SWIFT provides corporate treasurers and finance managers global visibility on cash and trade, lower cost of financial transactions and improved security and reliability. SWIFT for Corporates also includes additional capabilities such as Bank Payment Obligation (BPO)/Trade Services Utility (TSU), 3SKey, SWIFTRef, MyStandards and Sanctions Screening. For more information, visit http://corporates.swift.com/
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 more than 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.
For more information, visit http://www.swift.com/ or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT
Communications Specialist, Asia Pacific
+852 2107 8451