Innovative MyStandards technology from SWIFT fast tracks bank onboarding for corporates
Barclays and Navigators Insurance select SWIFT's MyStandards Readiness Portal to ease the corporate to bank on-boarding process.
Brussels - 23 September 2015 -SWIFT announces today that Barclays and Navigators have successfully used the MyStandards Readiness Portal, a collaborative standards management platform that eases the client on-boarding process for financial institutions and their customers.
The MyStandards Readiness Portal allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing rates, helping to improve the speed and accuracy of on-boarding processes.
"Barclays worked with SWIFT and a number of other banks to develop the tool," says Nick Morrissey, Director, Cash Management Channels, Barclays Corporate. "Through MyStandards, our customers can adopt an automated, self-service approach to test messaging early on in the process, eliminating the need to rely solely on bank resources to complete the testing. It removes the bottlenecks and streamlines the on-boarding process to the point where we have enhanced the on-boarding time for new clients from months to weeks."
Ellen Dion, VP and Corporate Treasurer at Navigators Insurance says, "MyStandards played a key role in helping to onboard Navigators Insurance with Barclays. It is a useful tool that provides one view into the testing activity across multiple parties, so you can see exactly where you are in the process. The testing provided great feedback that enabled us to progress the implementation more smoothly, it made the on-boarding with Barclays very quick and easy."
Marc Delbaere, Head of MyStandards at SWIFT says: "I am very pleased and impressed by Barclays' success in rolling out MyStandards for corporates on-boarding. Integrating MyStandards into day-to-day on-boarding processes can significantly reduce the implementation time resulting in a faster time to market on both ends. This will have a significant impact on the industry, particularly as adoption of this collaborative platform grows. At SWIFT, we want to make standards simple whether it's for banks or corporates."
Currently, there are 45 large global banks, corporates and market infrastructures documenting their detailed exchange formats on MyStandards.
For more information about how Barclays and Navigators Insurance are using MyStandards, please click here for a copy of the case study.
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
Barclays is an international financial services provider engaged in personal, corporate and investment banking, credit cards and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays' purpose is to help people achieve their ambitions - in the right way.
With 325 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit http://www.barclays.com/
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