SWIFT Certified Service Bureau
For financial institutions operating in the global banking sector, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an irreplaceable resource for managing corporate banking relationships, providing access to more than 10,000 institutions in more than 200 countries. But for many of these institutions, traditional SWIFT infrastructure can be expensive, time-consuming, and difficult to implement, requiring regular technology updates and on-site expertise. Financial institutions and corporations need to exchange sensitive payment information via a reliable and secure global network. While the SWIFT messaging standard has increased reliability and security, it requires dedicated experts to keep up with complex and constant technology updates. Institutions and corporations are increasingly realizing the value of service bureaus to manage the technology and processes involved in sending financial messages, while simultaneously reducing the risk inherent to sending them.
SWIFT certified service bureaux provide corporations and financial institutions around the globe with a series of interbank connections and transaction-related applications designed to reduce risk and increase efficiency related to sending and receiving financial messages. unique, highly cost-effective solution for SWIFT connectivity, delivering a fully outsourced, cloud-based alternative to the traditional SWIFT infrastructure. Dedicated Service Bureau is already used by hundreds of corporations and financial institutions, including local and international banks, central banking institutions, stock exchanges, securities firms, insurance companies, and businesses across countless sectors. With SWIFT ServiceBureau, your institution can enjoy complete SWIFT connectivity as a considerable cost reduction, with 24/7 support and numerous other value-added services.
- Outsourced and Fully managed hosting SWIFT connectivity (cloud solution)
- Fully accredited SWIFT service bureau that offers a cost-effective, secure, reliable and resilient solution for access to the complete range of SWIFT services
- SWIFT-Certified Messaging Interfaces - providing access to all SWIFT Network Services, including: FIN, FileAct, InterAct and Browse
- Shared Alliance Access Server (SAAS)
- Ability to process all SWIFT standards including ISO20022, Funds, FIN and non-SWIFT formats
- Global compliance screening
- Integration with SAP and all other ERP and treasury management systems (TMS)
- Conversion/format transformation
- Anti-money laundering as a service
- Cash and securities reconciliation and confirmation
- Long-term archiving
- Turnkey packages that include implementation, operation, support, and maintenance
- Dedicated customer support with SWIFT expertise SWIFT Certification Labels
Service bureaux provide all hardware, software and services, which means no direct costs and no need to hire additional staff or services from third-party providers. A customer’s employees are alleviated of daily operational tasks, and need not worry about maintenance, disaster recovery, standard changes or upgrade issues, nor the ‘key man’ risk associated with requiring specialized skills.
Helps Facilitate Business Growth
SWIFT service bureaus provide a comprehensive, end-to-end SWIFT connectivity solution, specifically designed to help banks and corporations achieve global visibility of their cash and liquidity, thus helping them to more effectively manage and grow their global operations in a cost-efficient manner. Customers can easily manage all aspects of their payment lifecycle and can react quickly to changing business requirements or market initiatives. While experts take care of connectivity issues and the straight-through processing (STP) of payments, customers are freed up to focus on their core business and profitability.
Delivers Reliability and Security
SWIFT Service bureaux have achieved the highest standard of reliability and security with 99.9% availability for more than a decade. Millions of messages are processed each month through secure data centers, each supported by redundant disaster recovery sites and professional staff that attend to upgrades and changes in SWIFT standards on behalf of customers.
Provides Critical Value-Added Services
Aside from providing the essential technology and hosting required of a service bureau, we offer a number of value-added services to help companies meet emerging business, economic and regulátory requirements. In addition to being able to handle SWIFT messages, Fully integrated data transformation technology can translate non-standard messages or files into specialty formats required by a back-office system or bank, thus enabling straightthrough processing of all transactions with any back-office system. This enhances cash visibility, payment consolidation and the overall better treasury management. Value-added services include: reconciliation; message transformation; broker connectivity and regional connectivity.
From November 2020, SWIFT will require all banks to notify the Tracker application (this application is used to track customer transactions) operated by SWIFT about the status of the MT103 messages they receive (Universal Confirmations). The purpose of this measure is to ensure transparency and provide more detailed information to the participants of the processing chain between endpoints. According to the regulation financial institutions should send status reports on received client transactions within two business days at the latest. Read more about EasyTracker for SWIFT from Omikron Hungary.