12 February 2016

Swift seeks approval for trade services utility

10 September 2004  |  5602 views  |  0 swift_hq1.gif

Financial messaging network Swift is working on plans to develop a commercial Trade Services Utility that would enable banks to extend their influence in the corporate trade supply chain.

The Swift board set up a Trade Services Advisory Group (TSAG) last year with a mandate to review Swift’s trade services strategy. The group recommended that Swift expand from its present focus on traditional collections and documentary credits to supporting the banks’ full range of supply chain services.

As a first step, the banking co-operative developed a prototype for a central industry matching utility - the SwiftNet Trade Services Utility (TSU) - for processing corporate trade documents. The TSU is a matching and rules based engine which compares and associates data elements from corporate documents.

The SwiftNet TSU prototype was launched on 9 August 2004, with almost 200 matches achieved in the first three weeks. The objective, says Tom Turner, Swift Board member, chairman of the TSAG, and director, corporate banking services, Royal Bank of Scotland, is to help establish the commercial validity of the TSU approach and to gain practical input on functionality for a commercial solution.

At the same time, Swift is working with a group of banks to define the requirements for the development a commercial offering.

Says Turner: "Swift is uniquely positioned to develop a TSU which would enable banks to provide innovative trade supply chain services to their customers."

If the banking community reacts positively to the prototype and to the market validation, he says, Swift will seek board approval in December 2004 to develop a commercial product, which could be available for piloting towards the end of 2005.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

20 August, 2004
16 August, 2004
07 July, 2004
18 June, 2004
05 January, 2004

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API framework
13940 views comments | 96 tweets | 87 linkedin
European mobile banking service Pocopay go...
8007 views comments | 25 tweets | 14 linkedin
Deutsche Bank calls for co-operation with...
7369 views comments | 27 tweets | 30 linkedin
How to accelerate your fintech startup
7174 views comments | 33 tweets | 9 linkedin
Wearable payments startup Fit Pay secures...
6518 views comments | 26 tweets | 9 linkedin

Featured job

Find your next job