Treasury Management Internation Logo

SWIFT launches new cloud-based solution to enhance correspondent banking activities

Published 

Correspondent Banking Suite combines SWIFT products and services to make correspondent banking more efficient, secure and cost-effective

Toronto, 17 October 2017 – SWIFT has launched a Correspondent Banking Suite that provides a single solution for banks seeking cost-effective access to SWIFT while increasing the efficiency and security of their correspondent banking activities.  

Small to medium sized banks face a combined pressure of minimising operational costs while keeping their SWIFT infrastructure up-to-date in terms of technology and security. Additionally, evolving regulatory requirements and cyber security challenges make it crucial for banks to have an in-depth knowledge of their correspondents.

In order to facilitate efficient, secure and cost-effective correspondent banking, banks must be able to track payments, ensure trouble-free payments processing, defend against cyber threats and financial crime and access the data required for comprehensive analytics.

The Correspondent Banking Suite gives banks direct, cost-effective access to the SWIFT network via Alliance Lite2, a standardised, robust and secure cloud-based interface managed and operated by SWIFT. Alliance Lite2 combines the benefits of SWIFT with the added value typical of cloud solutions – a lighter footprint and faster time to market.

This is packaged together with SWIFT’s best-in-class products and services for correspondent banking, including:

  • KYC Registry – shared platform for managing and exchanging standardised Know Your Customer (KYC) data
  • Sanctions Screening – screens incoming and outgoing messages against the latest sanctions lists
  • Name Screening – online lookup tool enabling screening of single names against sanctions, PEP and private lists
  • Daily Validation Report – validate SWIFT transaction activity and understand payment risks
  • Bankers World Online and BI Network Management – detailed correspondent banking traffic and payments reference data
  • SWIFTSmart – cloud-based elearning platform
  • Subscription to gpi Tracker – transparent, end-to-end payments tracking (available in the Correspondent Banking Suite in 2018)

The Correspondent Banking Suite consists of three packs that can be combined to meet an institution’s specific needs – Basic Pack, Compliance Pack and Business Data Pack.

Sophie Racquet, Head of Cloud Services, SWIFT, comments: “We understand that different organisations have different connectivity needs when it comes to the infrastructure they rely on for financial transactions. Small to medium sized banks that engage in correspondent banking face a unique challenge. They must reduce their operational burden without compromising on security while navigating the complexities of dealing with multiple institutions. We developed the Correspondent Banking Suite to tackle these challenges head-on, combining a set of trusted and proven SWIFT products and services at a cost-effective price point.”

For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55