by Tom Durkin, Global Head of Integrated Channel Solutions, Bank of America Merrill Lynch, and Amit Sharma, Director, Head of Client Solutions, eCommerce and Channels, Bank of America Merrill Lynch
Since 2008, SWIFT for corporates has experienced tremendous growth — the number of corporations choosing to connect to SWIFT has grown from around 400 to more than 1,100 – and this trend shows no signs of slowing.
However, while corporate adoption of SWIFT is rising in all industries, adoption levels are growing more quickly in some regions than in others. SWIFT connectivity is a well-trodden path for European corporations, but that’s not the case in other regions where awareness of SWIFT as a corporate solution is lacking. Moreover, some regions lack the same mature ecosystem of SWIFT advisors and service bureaus that corporations can tap into as they embark upon their connectivity projects.
In Asia, as in other regions, the benefits offered by corporate connectivity to SWIFT are very attractive. SWIFT offers companies the ability to connect with multiple banks in a standardised way, thereby reducing costs, increasing efficiency and making it easier to integrate with banks. However, while many Asian companies are interested in SWIFT connectivity, the numbers are not growing as quickly as expected.
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