What is SWIFTnet?

What is SWIFTnet – 99 Problems but SWIFT Connectivity Ain’t It

From the same source the author describes Swift for Corporates. Here in no particular order: A single global bank connectivity solution. The overall bank architecture is simplified and standardized across the different banking partners;

  1. Improved controls: you can implement better controls and replace manual interfaces with an automated SWIFT solution;
  2. Reduced internal & external costs of maintaining and supporting multiple solutions and of various bank solutions. Cost reduction depends on the number of banks with whom you have a bank interface, number of bank interfaces, traffic volume, number of countries that you’re operating in;
  3. Security: SWIFT offers corporates a trusted global solution;
  4. Reliability: SWIFT boasts 99.99% network availability and has never ‘lost’ a FIN message;
  5. A global solution: corporates can take advantage of the SWIFT network and connect with their banks and bank branches around the world;
  6. Straight Through Processing – STP: standard global data formats for payments (MT101 and ISO20022 XML PAIN.001) and bank statements (MT940 / MT942 formats). By ensuring that your ERP systems can generate and accept these SWIFT standard formats, you can start building efficient global daily processes. This enables your payment messages to go straight through the process at the bank and reduces the time spent on manually entering bank statements and / or fixing payment errors.

Source SEPA for Corporates