17 October 2017

SWIFT launches new cloud-based solution to enhance correspondent banking activities

Correspondent Banking Suite combines SWIFT products and services to make correspondent banking more efficient, secure and cost-effective

This press release is also available in Spanish.

Toronto, 17 October 2017 – SWIFT has launched a Correspondent Banking Suite that provides a single solution for banks seeking cost-effective access to SWIFT while increasing the efficiency and security of their correspondent banking activities.   

Small to medium sized banks face a combined pressure of minimising operational costs while keeping their SWIFT infrastructure up-to-date in terms of technology and security. Additionally, evolving regulatory requirements and cyber security challenges make it crucial for banks to have an in-depth knowledge of their correspondents.

In order to facilitate efficient, secure and cost-effective correspondent banking, banks must be able to track payments, ensure trouble-free payments processing, defend against cyber threats and financial crime and access the data required for comprehensive analytics.

The Correspondent Banking Suite gives banks direct, cost-effective access to the SWIFT network via Alliance Lite2, a standardised, robust and secure cloud-based interface managed and operated by SWIFT. Alliance Lite2 combines the benefits of SWIFT with the added value typical of cloud solutions – a lighter footprint and faster time to market.

This is packaged together with SWIFT’s best-in-class products and services for correspondent banking, including:

The Correspondent Banking Suite consists of three packs that can be combined to meet an institution’s specific needs – Basic Pack, Compliance Pack and Business Data Pack.

Sophie Racquet, Head of Cloud Services, SWIFT, comments: “We understand that different organisations have different connectivity needs when it comes to the infrastructure they rely on for financial transactions. Small to medium sized banks that engage in correspondent banking face a unique challenge. They must reduce their operational burden without compromising on security while navigating the complexities of dealing with multiple institutions. We developed the Correspondent Banking Suite to tackle these challenges head-on, combining a set of trusted and proven SWIFT products and services at a cost-effective price point.”

We understand that different organisations have different connectivity needs when it comes to the infrastructure they rely on for financial transactions. Small to medium sized banks that engage in correspondent banking face a unique challenge.

Sophie Racquet, Head of Cloud Services, SWIFT

 

SWIFT lanza una nueva solución

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Last update: 
9 November 2017

SWIFT lanza una nueva solución basada en la nube para mejorar las actividades de la banca corresponsal

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About SWIFT
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.

  

Contacts:  
Chatsworth Communications
Tel: +44 (0)20 74409780
swift@chatsworthcommunications.com

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