Are you considering using SWIFT to route payment instructions or collect account statements from your banks around the world? In recent years, SWIFT has become a popular option for multi-national corporations seeking a single network to communicate with their banks around the world. Not only will you reduce costs by eliminating lots of independent connections to banks, you will be able to standardize and simplify your payment and cash management processes.
With our Service Bureau you don’t need to acquire or license any of the proprietary SWIFT hardware and software required to connect to their network. Instead, you can leverage our cloud-based services. We will make sure that our infrastructure remains compliant with SWIFT’s security and business continuity standards. And we will manage all the upgrades so you can take advantage of all the latest SWIFT capabilities.
We route payment instructions for credit transfers, direct debits and international wire transfers to any of the 9,000 financial institutions on SWIFT. Send the payment instructions to us in whatever format (PAYMUL, EDI 820, MT 101, MT 103) you prefer and we will convert them to the standard your bank is expecting. Additionally, we collect intra-day and end-of-day bank statements from all your financial institutions. And then we will translate the statements into your preferred format (MT 940, MT 942, FINSTA, BAI2) so they can be routed directly into your treasury workstation.
ISO 20022 XML Support
Considering the new ISO 20022 XML format? We can help. We map the outputs of your financial applications into XML and test the messages with your banks. If your banks are not ready for XML, we will convert your messages into a standard they do support.
File Act Support
You can send MT (FIN) and MX (ISO 20022 XML) messages as well as other types of files, such as Microsoft Excel spreadsheets, PDF documents, EDI, SAP IDocs and BAI2. And if you would like, we can translate the files from one format to another for you. We support everything SWIFT.
Routing to Banks Not on SWIFT
Some banks are not yet on SWIFT. And even if your banks are on SWIFT, there may be times that you don’t want to route transactions across their network. We can send transactions directly to banks via secure FTP, MQ and other secure Internet protocols.