SPONSORED ARTICLE An industry-led approach to security, standardisation and innovation By Yves Bontemps, Head of Corporate Solutions, SWIFT Since SWIFT first welcomed corporates into its community in 1999, the value proposition for corporate users has developed substantially. Initially, the SWIFT corporate focus was on multi-bank connectivity, first for exchanging confirmations and later, a wider range of financial messages such as payments, trade finance instruments and account statement information. Today, while connectivity remains an anchor of SWIFT’s corporate offering, corporate treasurers and finance managers can also derive significant benefit from SWIFT’s wider suite of industry rigorous validation. In early 2018, SWIFT will status information together with additional solutions, whether a company uses SWIFT to release a new Advanced Reader, a state-of- value-added functionality. connect to its banks or banks’ own channels. the-art token protecting users against Integration and automation sophisticated attacks, including ‘see-what- SWIFT gpi is quickly building momentum you-sign’ functionality i.e. the token will amongst banks and corporates. Banks Automation of transaction and information display transaction details that can be recognise the opportunity to deliver an flows is a priority for every treasury and matched against the originating system to enhanced service to clients, while finance function. This relies on accurate data, avoid data tampering. corporates see the potential to revolutionise so a growing number of corporations are international supply chains. By engaging with using SWIFTRef, a reference data directory 3SKey in figures SWIFT and the wider SWIFT community on that can be integrated into ERPs, treasury, gpi and other industry solutions, treasurers payment and cash management systems, 15,000 and finance managers can help to shape enabling users to validate counterparty data, market practice of the future, define such as bank BICs, to optimise straight- Number of corporates using 3SKey standards and collaborate to overcome through processing and minimise exceptions. 19/25 obstacles to doing business across borders and facilitate efficiency and growth. Similarly, data needs to flow seamlessly Top SCORE banks that support 3SKey between systems, so SWIFT has 113 SWIFT gpi in figures collaborated with banks and corporate users Countries in which 3SKey is supported to develop MyStandards, a repository for 110+ global industry formats which now has over 54,000 global transaction banks 110 publishing organisations and 28,000 Active users committed to gpi, representing users. Many banks now use MyStandards Readiness Portal to facilitate and accelerate +30% 75% the onboarding of new corporate customers Year-on-year growth in user numbers of all SWIFT cross-border payments in by up to 50 percent. For multi-banked corporates, the value of MyStandards 220 includes the ability to compare counterparty Payments and supply chain innovation countries data formats and rationalise integration. SWIFT’s role is not only to service the current Since it was first introduced, over 4,000 needs of corporate and banking users, but 50 corporates worldwide have been exposed to also to drive innovation and harness Banks have an active the Readiness Portal. motivation across the industry to shape the implementation project Identity management payments industry of the future. SWIFT’s 18 gpi (global payments innovation) was A key value proposition of SWIFT for both conceived to enhance corporate users’ banks are live corporate and financial institution users is its experience of cross-border payments. The security. 3SKey allows corporate users to set first phase of SWIFT gpi is already live, up user level authentication for both providing same-day, traceable cross-border payments and bank account mandates, payments with transparent fees and full whether through SWIFT or banks’ own remittance data, together with a roadmap channels. 3SKey offers a single sign-on for future digitisation and transformation of process across platforms, and administration payments. A key SWIFT gpi deliverable is the of user rights across banks, therefore tracker, a tool that SWIFT provides to banks providing a cohesive and convenient to be integrated into customer offerings, For more information, visit experience for users whilst supporting providing real-time tracking of payment www.SWIFT.com/corporates