An article relating to this blog post on Finextra:
Swift to offer corporate access via USB stick
Swift plans to launch a new 'lite' interface device at this year's Sibos in Vienna in September, in an effort to ease access to the payments messaging network for low volume financial institutions and...
Swift chairman Yawar Shah opened an unexpected can of worms when he approached shareholders for feedback on how the bank-owned co-operative could add more value to its members. Obligingly, Ibos MD Bob Lyddon has responded with a long list of complaints about
Swift’s new Alliance Lite interface, which is being showcased at Sibos as a cheap and cheerful way for intermittent and low volume users to join the network.
To paraphrase, Lyddon accuses Swift of over-stepping the mark – and its own governance procedures – by actively promoting to corporates a new interface that competes with existing banking services (including those provided by the Ibos association of cash
Disintermediation, unfair competition and misrepresentation are among the taboo words bandied about by the Ibos boss. The arrival of the new interface not only distorts the competitive landscape, he suggests, but it also creates a fresh set of compliance
and operational support challenges for banks to grapple with.
Fair comment or sour grapes from a banking association that was itself set up to profit from a collective failure in provision to an ill-served corporate market?
What do you think?