SWIFT enables corporates to obtain financial services (payments, treasury and securities orders, reporting) with all their financial institutions through one single, highly secure, standardised communication platform, as opposed to multiple connections. SWIFT's internationally recognised standards help corporates to reduce costs and risk, increase funds visibility and improve automation. This leads to easier regulatory compliance. By joining SWIFT, corporates have access to over 8,500 financial institutions in more than 200 countries.
Using SWIFT you can enjoy these benefits:
The ability to receive end-of-day or intra-day reporting directly from all your banks increases funds visibility and gives you the ability to invest better.
SWIFT allows for channel rationalisation, a single channel versus a multitude of different channels. The more banking relationships, the higher the savings. Additionally, standards used over SWIFT allow increased straight-through-processing (STP) (content rationalisation) and therefore staff productivity gains, for example by eliminating the need to re-key payments.
Ability to control payment initiations and increased security, while more difficult to quantify, are also recognised as key
benefits. In some cases, our 99.999% network availability is important as some corporates suffer from regular break-downs of their e-banking systems.
For corporates under stringent regulation, such as Sarbannes Oxley, using one single interface significantly reduces the administration work required to document - and keep up-to-date - banking communication processes.