As your business grows, it is critical to partner with a service provider that is ready to meet your expanding needs in terms of both volume and functionality. Implementing innovative technology and enhancing existing systems is increasingly important in an evolving industry. With a commitment to investing in sophisticated solutions, service providers can help drive performance for their clients.
Over the last five years, SWIFT has continued to gain momentum in providing the most secure and efficient way to transmit financial messages. Virtually connecting more than 11,000 financial institutions globally, the SWIFT network is a reliable communications channel where organizations can exchange data and connect with one another securely. By creating automated exchanges and minimal intervention, SWIFT helps improve straight-through processing (STP) and your ability to centralize information.
SWIFT enables the communication of trade, settlement and cash instructions as well as the transfer of reconciliation information to and from other financial institutions. Because this information is private, you want a partner you can trust to safeguard the standardized messages and data of your global financial communication. You also want to find a partner who has the flexibility to work with you to send and receive all SWIFT message types you utilize.
As client demand for SWIFT capabilities increases, it is more important than ever to partner with a service provider that offers customized solutions, the full suite of SWIFT message types and a dedicated team of experts. This will significantly enhance your ability to carry out STP messages accurately and efficiently.
With SWIFT, you no longer have to worry about using multiple communication channels to connect with financial institutions. What used to take numerous phone calls or emails to complete one message is now done through an efficient, centralized STP system. The SWIFT network can be your single source to communicate with your banks and deliver automated, standardized financial information securely and reliably.
The automation of SWIFT eliminates the risk of human error and reduces the stress that used to be present in traditional messaging. By streamlining communication and reducing error rates, SWIFT gives you the operational efficiencies your company needs. It allows you to focus on other day-to-day responsibilities and gives you the opportunity to better utilize your resources throughout your organization.
With a SWIFT middleware application in place, service providers can offer customized solutions and the full suite of SWIFT message types. From a simple, standard message type, to one that’s not used as often, providers that offer the complete catalog of SWIFT message types have every option readily available for use and customization. Any message type can be quickly implemented to meet your needs.
Data and delivery solutions can be tailored to fit your unique requirements and process flows. A SWIFT partner with a robust middleware application has the flexibility to work with any system limitation. For instance, your system might only allow for certain types of information to be sent in a specific field. Your service provider should have the ability to transform that data to ensure messages are properly routed to their destination. For each client, customized rules or modifications can be put in place to automatically adjust data upon arrival. Not only does this flexibility ensure messages are moving efficiently, but it does so without putting the burden on you to change your data or your processes.
Success with SWIFT messaging goes beyond simply using a new system. The availability of a single point of contact whose expertise will guide you through any request is essential. A personal contact who takes the time to assess your business needs and understand where you want to go will help build the relationship needed for a truly tailored solution.
When getting set up with SWIFT, your service partner’s team of experts should do the leg work for you. A great partner will take complete ownership of system development and enhancements, and provide the capabilities you need to grow your business. They’ll work closely with you to conduct tests regarding any changes to SWIFT processing, and will thoroughly test any updates to the SWIFT processing system to help ensure you don’t experience any disruption in the STP process.
As STP and SWIFT message requirements evolve, your service provider should be offering the most updated features to help you safeguard and efficiently transmit messages for your organization. By continually working with both clients and industry partners to anticipate new trends and requirements, providers can deliver powerful, usable technology experiences that help you reach your business goals.
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