SWIFT for Corporates

SWIFT is a worldwide network that was developed by the banking industry and was traditionally used exclusively by the banks to ensure secure, reliable exchange of financial messaging. However, just recently over the past 3-4 years, non-financial corporations were allowed to join the network and therefore reap the benefits of using this system. Click here to learn more about SWIFT.

An estimated 600 non-bank corporations¹ are now on the SWIFT network, and there is a growing interest among corporates to use SWIFT for multi-bank communications to lower transaction costs, enhance straight-through-processing and improve cash visibility.

BankServ provides SWIFT solution and service options to meet a corporation’s treasury, IT and operational needs, whether they require basic SWIFT connectivity, full service bureau support or an integrated solution suite that includes format transformation, FileAct and other value-added services.

Our service bureau offering also provides a comprehensive and cost-effective solution that helps eliminate up to 50-70% of upfront costs, and well as ongoing operational and maintenance costs versus an in-house SWIFT connection. Instead, a corporation’s treasury and IT departments can focus their scarce budget and staff on strategic areas.

¹Source: SWIFT, May 2010