SWIFT for Corporates
Your streamlined multi-banking payment solution
With SWIFT you can connect your business to multiple banks through a single and secure 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.
SOME OF THE BENEFITS
Streamlined processes
Seamless payments
Get transactional reports
Access to final statements
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).
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.
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HOW SWIFT WORKS
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WHY TALK TO US
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).
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.