With SWIFT (the Society for Worldwide Interbank Financial Telecommunication) you can connect your business to multiple banks through a single, secure, bank-agnostic channel. It reaches major financial institutions reliably and securely.
SWIFT enables you to overcome the challenges of multi-banking, streamlining and automating your business cash flows by communicating with banking partners all around the world using a global standardised ISO (MX) and proprietary format (MT). You can send payment instructions and receive reports from various banks in various countries via the SWIFT Network, removing the need to administer multiple international communication channels, and creating a more efficient payment environment.
How we assist you
- We can transmit both transactional and non-transactional financial information through the SWIFT network, including your payment instructions for accounts payable and receivable, transactional status reports and final statements
- Send and receive payment instructions
- Receive transactional status reports
- Receive final statements
How does SWIFT work?
There are two ways to access the SWIFT network:
- SCORE: The Standardised Corporate Environment (SCORE), a one-to-many model, allows your business to interact with banks that support SCORE
- MA-CUG: A Member Administered Closed User Group (MA-CUG) is a one-to-one model where you and the bank agree on the messages and/or formats that will be exchanged
How to communicate with your bank using the SWIFT network
Once you’ve chosen a model, you can communicate with your bank over the SWIFT network using the following integration protocols and supported message types:
- FileAct: This cost-effective and reliable protocol securely transfers large volumes of data in different file formats to and from financial institutions. It is typically used to exchange batches of structured financial messages, such as bulk low-value payments. Messages transferred with FileAct can be in any format, but we recommend using the SWIFT MX endorsed ISO20022 formats (for example, pain.001.001.03).
- FIN: FIN is a secure and reliable store-and-forward messaging service, typically used to exchange single high-value transactions in a structured SWIFT validated messaging standard. Messages transferred with FIN have to adhere to the SWIFT MT standard. These messages are validated on the SWIFT network to ensure data integrity and conformity to standard (for example, SWIFT MT101).
Talk to us
For more information on using SWIFT for your business contact your relationship manager.